At the moment of writing this article, all the most important coins in the crypto market re trading in the red.
Bitcoin was doing pretty great the day before, but the most important coin in the crypto market lost bout 7% during the past 24 hours. Bitcoin is trading in the red and the coin is priced t $6,250.46.
XRP in the crypto market
Ripple’s XRP is also trading in the red today and the coin’s price is $0.167561. As we said the other day, it seems that XRP managed to find support above $0.16.
One recent low has been near $0.1574 and the price is moving higher. There was a break above the $0.1600 level and the price is holding the 100 hourly simple moving average.
According to the online publication NewsBTC there is a major bullish trend line that’s forming with support near $0.1600 and the current technical structure for RP is positive.
“If XRP fails to clear the $0.1650 resistance, it could start a fresh decline. A downside break below the $0.1600 support and the 100 hourly simple moving average might spark bearish moves, ” they write.
NewsBTC also says that “The next support is near the $0.1550 level, below which the price is likely to dive towards the $0.1440 support rea in the near term.”
The crypto market during the coronavirus pandemic
As you know by now, the crypto market has been also affected by the global crisis that’s been triggered by the coronavirus pandemic.
This is probably the biggest crisis that our generation will see in terms of healthcare and also the economy and it’s on a global level.
The US is doing pretty badly in terms of numbers and the country even surpassed China the other day.
At the moment of writing this article, there re more than 104k infected people in the States and things re expected to get even worse.
Despite the global fears, there are some analysts who say that during this crisis crypto nd the blockchain will show their true benefits.