The XRP token is stuck in the 50-day simple moving average and 100-day moving average range. This is why the token is consolidating between these levels.
It is neither breaking out nor breaking down as it has found relative stability around the $0.25 level. If the XRP token doesn’t break above the level, it will fall below the 200-day simple moving average which is below the support at $0.22 level. There is a lot of selling pressure at this level and there is a chance that the bearish momentum will increase significantly at this level leading the token to the $0.20 low.
While there are signs of bearish momentum, there is still a chance that the bulls will take control of the market right after the token moves above the 50-day simple moving average. This will give the token the bullish momentum it needs to move above the $0.31 level for the first time in months. The MACD and the relative strength index are moving toward the bullish territory. The bulls are preparing for a counter-attack.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Statistics Have Shown That XRP Whales are Accumulating Tokens Despite Bearish Prices
- Ripple XRP is Struggling to Move Above the $0.2500 Level As the Bears Attempt Recovery
The XRP token has been relatively bullish over the last three days. Yesterday, the token started struggling to break above the 50-day simple moving average but faced rejections repeatedly and ran the risk of falling below the 200-day simple moving average. The lower boundary of the descending channel for XRP is at the $0.20 level while the ascending channel is at $0.31. This is the range the XRP token has traded in for the last few months. The most powerful resistance for XRP at the time is at the 50-day simple moving average.
XRP Price Prediction 2020 – XRP Hovers Above the $0.2500 Level
At the time of writing, the price of the XRP token was $0.254699. This means that XRP is up by 1.45% against the USD and down by 2.26% against Bitcoin BTC. The trading volume over a 24 hour period was $2,200,866,294 and the market capitalization was $11,502,804,452.
Since the XRP token has been struggling to move above the 50-day simple moving average. However, the token is having serious difficulties moving above this level. The analyst on FXStreet has noted that the XRP token will be unable to make any significant progress until it has successfully moved above this key resistance at the 50-day simple moving average level.