XPR has already broken above the 23.6 fib retracement level of the last price move from the resistance at $0.3274 to the support at $0.2790.
With the primary support of the XRP token at the $0.2850 level, the MACD is moving slowly to the bullish level while the relative strength index is moving toward the 50 levels. The success or failure of the XRP token depends significantly on the direction of the entire cryptocurrency market. Right now, there is a bearish cloud in the cryptocurrency market. Until the bulls power-through, it is difficult for the token to make any significant move.
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- XRP is Struggling to Move Above the Current Resistant Levels but the Bearish Pressure Remains Strong
- Analyst Predicts that XRP will Enter a Bullish Rally after it Moves Above the Resistance at $0.2989
Ripple News Today – The last few days have been bad for XRP as the token faced multiple resistances and was unable to gain the momentum required to retest the $0.3000 level and higher. Even if the token is not at its best price, there are still some analysts who are confident that the token will make significant gains near-term. For this to happen, however, XRP must rise above the support at $0.2989 and make higher highs within the next few trading sessions.
Ripple XRP Prediction – Will XRP Rise Above the $0.2989 Level Near-term?
At the time of writing, the price of XRP was $0.2898. this means that it is up by 0.21% against the USD and down by 0.15% against BTC. The market capitalization was $1,738,385,472 and the trading volume was $13,027,704,588. The support at the $0.2800 level is extremely strong and it has prevented the token from succumbing to the bearish pressure that has flooded the market for many days. Earlier today, the most significant resistance was at the $0.2980 level. There is a lot of pressure in the $0.2980 and $0.3000 range.
If the XRP token can move above the 100 simple moving average, the bulls might have what it takes to make a major come back according to the XRP price analysis on NewsBTC. As long as the $0.2800 level holds the line, XRP has the chance to cross major hurdles.
If the XRP token fails to hold the line, it will decline to the $0.2790 support. This support will hold it for a while but the bears might push the price of the token lower to the $0.2700 level where the bulls will gain momentum once again.
On the other hand, if the price of XRP should rise, it will move as high as $0.2900 and eventually cross the $0.3000 resistance paving the way for a more significant price correction against the USD and maybe against Bitcoin BTC. The next key resistance after the $0.300 level is at $0.3274.