XRP Approaches Macro Downtrend Line, Breaking That Level Will Lead to Higher Highs Near-term

XRP Bulls Aren’t Out of the Market Yet. According to the XRP price prediction of the famous analyst, Cole Petersen, XRP is primed for a bullish rally against the USD in the coming weeks.

During the recent bull run, XRP approached a 12-month long descending trendline, breaking it and putting an end to a 3-year decline, or so we believed. Since the bears are back in business, the upward rally has been delayed Briefly. So, XRP must gather the momentum required to surge above the $0.475 level. If this happens successfully, the token may be able to test $1.00 for the first time in what seems like forever.

According to Petersen, XRP has a lot riding on Bitcoin’s next price action. If Bitcoin and the rest of the cryptocurrency market take a strong position and start rising again, XRP might get the momentum it needs to move to the resistance at $0.457.

However, if the current downtrend becomes a more significant downturn, XRP will suffer the most. At the time of writing, the price was XRP was $0.293203. It was down by 4.27% against the USD and down by 2.45% against Bitcoin BTC. The trading volume over a 24 hour period was $4,106,724,445 and the market capitalization was $13,153,884,890.

Ripple 2020 Price Prediction

There is currently strong support at the $0.2700 level which is marked by buying pressure. If the buyers can’t hold the line here, the token will fall as low as $0.2300 within the next few days. The $0.2300 level will serve as bedrock support for XRP for a while and breaking below this level will invalidate the recent uptrend. In the next few trading session, we will be able to determine what the next price action will mean for XRP.

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 Below the Support at $0.3000 After Days of Holding Steady 
  • Falling Below this Support isn’t the End of the Bull Rally for XRP As it Approaches Macro Downtrend Line 

For more than three days, XRP was hovering above the all-important support at $0.30. This morning, however, the token lost this support falling to the $0.2900 level for the first time since the recent bull rally started. The token fell because the buyers failed to successfully maintain the bullish momentum.

It is important to note that the current downtrend isn’t an isolated event. Bitcoin and other cryptocurrencies are currently correcting lower against the USD. XRP is attempting to break a macro downtrend line. If this happens, the price of the token will surge by another 45 to 50% according to XRP price analysts.

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