Ripple Price Analysis: XRP/USD On The Verge Of Breakout To $0.30, Support Boundary Stays In Place
- Ripple price holds above the key support zone (0.1750); suggesting significant growth is in the offing.
- XRP/USD recovery steps above the descending trendline resistance but limited by the 100 SMA.
Over the last two days, investors have been forced to swallow the bitter pill of a breakdown that ravaged through the cryptocurrency market on Sunday. The weakness in the market has not spared XRP which recently tested the support at $0.1750 (bedrock buyer congestion). The trend of XRP/USD in the past years have shown that when this support is tested, it opens up the crypto to significant gains.
Unfortunately, it is not clear whether XRP will face a lack of buying pressure which could hinder the breakout. According to DonAlt, a pseudonymous trader and analyst, XRP is holding above the key support boundary ($0.1750) and expects a significant bounce.
XRP: I’m expecting a significant bounce somewhere in green. I’d argue XRP is probably a not so terrible buy already but given the fact that it hitting the lower boundary of the support outlined is very possible I’m playing defensive for now.
XRP/USD 30’ chart
XRP/USD price chart by Tradingview
From technical perspective, XRP trading between the 50 SMA and the 100 SMA in the 30-minutes range is likely to sustain a short term sideways action. The consolidative price action is supported by the leveling RSI. Intriguingly, Ripple is trading above the descending trendline resistance.
This slightly positive picture coupled with the right volume, could see XRP spike above the critical hurdle at $0.20. Other areas of interest on the upside are $0.21 $0.22 and $0.2350 (previous month high). If these levels are reclaimed, XRP bulls will now have the chance to focus on higher levels at $0.30.
Ripple Intraday Key Levels
Spot rate: $0.1944
Relative change: 0.00211
Percentage change: 1.10%
Trend: Sideways price action
Volatility: Low
XRP/USD recovery steps above the descending trendline resistance but limited by the 100 SMA.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 12 May 2020 04:53:34 +0000
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