XRP Price Analysis: XRPUSD Breaks Above $0.20 Resistance As Buyers Drive Market Higher
- XRP saw a 7.5% price increase today which caused the price of the coin to break the $0.20 resistance and reach $0.213.
- XRP has been struggling to break the resistance for a period of 6-weeks.
The price for XRP exploded today as the cryptocurrency finally managed to break the resistance at $0.20 and push higher into the $0.213 level. The coin has now reached resistance here which is provided by a 1.618 Fibonacci Extension level.
Prior to this huge price surge, XRP was trading beneath the $0.20 level and was struggling to break this level of resistance. It was trading above a rising support trend line which allowed the coin to rebound last week at $0.18. After rebounding from here, XRP made the push higher to break the $0.20 resistance level.
This push marks a significant break of resistance that should now allow XRP to start a bullish run higher as it sets its sights toward the $0.24 level next.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
-
Market Overview
Taking a look at the daily chart above, we can see that XRP was struggling to break the resistance at $0.2 earlier in April. The resistance here is provided by a bearish .328 Fibonacci Retracement level that is measured from the February high to the March low.
After failing to break the resistance at the start of April, XRP went on to trend lower but managed to find support at $0.18. It rebounded from $0.18 last week which started to push back toward $0.20.
The 7.5% price increase seen today allowed XRP to break the resistance at $0.2 as it pushed above the 100-days EMA and reached resistance at $0.213 (1.618 Fib Extension – pink).
-
Short term prediction: BULLISH
The break above $0.2 has now turned XRP bullish. It would need to drop back beneath $0.2 to turn neutral and fall beneath $0.18 to turn bearish.
If the buyers continue to break above $0.213, higher resistance is located at $0.218 (1.272 Fib Extension), $0.225 (1.414 Fib Extension), and $0.23 (bearish .5 Fib Retracement).
On the other side, the first level of support lies at the 100-days EMA. Beneath this, support is found at $0.20, $0.19, $0.184, and $0.18.
- Key Levels
Support: $0.21, $0.206, $0.20, $0.18.
Resistance: $0.213, $0.218, $0.225, $0.23.
XRP has been struggling to break the resistance for a period of 6-weeks.
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 Tue, 28 Apr 2020 21:03:02 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram