Will XRP Gain the Momentum it Needs for a bullish reversal Anytime Soon? According to the XRP price analysis on NewsBTC, the third-largest cryptocurrency per market capitalization is currently trading in a positive supportive zone right above the $0.2850 level.
As long as the token remains above this level and above the 100 simple moving average, it will stand a chance to recover higher against the USD. The price XRP analyst also stated that a key ascending channel is forming around the support at this level indicating that a bull rally might be on the wat irrespective of the current price action of the token. In the next upward surge, XRP will face strong resistance at the $0.2920 and $0.2950 levels before it can finally get to the $0.300 level.
At the time of writing, the price of the XRP token was $0.2858 and it was down by 1.34 against the USD ad down by 0.12 against Bitcoin BTC. The 24-hour trading volume was well above $1.1 billion and the global market capitalization was $12 billion-plus.
The key support that prevented the XRP token from declining significantly yesterday was the pivotal $0.2780 level. The token gained bullish momentum at this level that pushed its price back to the current support at $0.2850 which also happens to be above the 100 simple moving average. There was smooth sailing from this level upward and XRP managed to move as high as $0.2900 testing the resistance at $0.2919 before it started to decline slowly.
Ripple XRP Price Prediction 2020
It is not a surprise that an analyst has predicted higher highs for XRP since the technicals also support a bullish recovery. The relative strength index and the MACD are currently gaining bullish momentum.
As the XRP token increased in price, it successfully broke above the 23% fib retracement level of the last decline from $0.2781 to $0.2919. the key support at press time was at the 50% fib retracement level of the last surge from $0.2781 to $0.2919. In the next few days of trading, one out of two things will happen; XRP will fall below the support at $0.2850 and decline more or it will rise above the resistance at $0.2919 and move higher near-term breaking the resistance at $0.3000.
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.
- XRP Might be Bearish Against the USD But There is a Strong Chance that the Bulls Will Soon Take Control of the Market
- The Psychological Resistance at $0.30 Must be Crossed if XRP is to Make Any Significant Progress Near-term
Believing in XRP requires a lot of faith and there is a short supply of this faith in the XRP community and the cryptocurrency community as a whole. This is why there has been a significant decline in the number of XRP community members and token holders. While XRP has had some good weeks, the current price action of the token is not encouraging at all.
The token has been hovering above the $0.2800 level for more than a week as it fails to cross the resistance at $0.3000. despite the price action of the token, an analyst on NewsBTC has said that there is a strong chance of a bullish reversal in the next few days or weeks.