Ripple (XRP) On The Move And Will Continue If It Breaks This Level
- XRP underwent a 4% price hike today as the cryptocurrency reaches the $0.196 level.
- The cryptocurrency has been increasing over the past 3-days after bouncing at rising trend line support.
XRP increased by 4% today which saw the price for the coin breaking above $0.19 again to reach the $0.196 level. The cryptocurrency is still yet to test the $0.20 level, however, on the Binance exchange, there was actually quite a huge price spike that saw the coin reach as high as $0.21 before dropping back beneath $0.20.
This could be an indication that XRP is about to break the strong resistance at $0.20 and begin a fresh new bull run moving forward.
The cryptocurrency has been slowly grinding higher over the past month after rebounding from the March market capitulation caused by the Coronavirus pandemic, however, it has been trapped by the $0.20 level and has still yet to overcome this resistance.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can see XRP reaching support 3-days ago at the $0.18 level where it managed to rebound higher. The support here was provided by the rising support trend line that has been in action since the March market collapse.
We can also see the resistance at $0.20 which had caused problems for XRP in early April 2020.
Short term prediction: NEUTRAL
XRP remains neutral until it can break the resistance at $0.20, at which point, the market would turn bullish. It would need to drop beneath $0.18 before we can consider it to be bearish again.
The resistance at $0.2 is provided by a bearish .382 Fib Retracement level that is measured from the Feb high to the March low. Once this is broken, resistance will be expected $0.206 (100-days EMA), $0.2116, and $0.22. Above this, added resistance lies at $0.229 (bearish .5 Fib Retracement).
Toward the downside, the first level of support lies at the rising trend line. This is followed with added support at $0.184 (.236 Fib Retracement), $0.18, and $0.17 (.382 Fib Retracement).
Key Levels
Support:$0.19, $0.184, $0.18, $0.1776, $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.20, $0.206, $0.2116, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
The cryptocurrency has been increasing over the past 3-days after bouncing at rising trend line support.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Thu, 23 Apr 2020 21:29:30 +0000
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