XRP Recovers Higher After Testing the $0.215 Low Earlier Today

XRP Price Prediction 2020 – XRP has Found Bearish Pressure but The Bulls Seem to be Coming Back. At the time of writing, the price of the XRP token was $0.234648.

It is up by 0.75% against the USD and 0.38% against Bitcoin BTC. The trading volume over a 24 hour period was $1,341,367,613 and the market capitalization was $10,597,271,874. The technical indicators are bearish on the daily chart according to the XRP price prediction on FXStreet. The descending parallel channel that is currently on the price charts shows that the bears are in control of the market short-term.

The XRP token managed to move above the 100-day simple moving average and this is now acting as support against lower lows. The token is near the upper boundary which it attempted to cross yesterday.

The bears seem to be losing control over the bulls. If they come back, they will drag the token back to the support at $0.215 and eventually to the support at $0.1900. The $0.215 support is also the 200 simple moving average.

Even if the XRP token is currently moving above the $0.233 level, we cannot confirm that the bulls are in control until there is a breakout above the $0.2500 level. This is the highest level of the current parallel channel. Even as the XRP token trades bearish against the USD and BTC, data from Santiment shows that there has been a significant surge in the number of whale investors in the XRP network. The number of XRP investors holding around one million XRP tokens has increased from 1326 on September 26th to 1334 today. At the same time, the number of people holding over ten million coins has increased from 309 to 313 during the same period.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

  • XRP Falls to the $0.215 Level Following Days of Bearish Pressure
  • The Bulls Gathered Momentum After the Token Reached, $0.215 and Has Been Bullish Since 

Yesterday, XRP was faced with significant bearish pressure against the USD as the price declined from the resistance at $0.2480 to the support at $0.215. Thankfully, the fall to the $0.215 level allowed the bulls to gain some momentum against the USD.

Since then, the token has recovered higher slowly and there is hope that it will move above key resistances before the weekend is over. The technical charts for the XRP Token are currently showing mixed signals between higher highs and higher lows but it is not clear how long this uncertainty will continue.

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