Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance

  • XRP increased by a total of 3.5% over the past 24 hours of trading as the cryptocurrency rises into the $0.20 resistance level.
  • The cryptocurrency has increased by a total of 15% over the past week after increasing from the $0.18 level.
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XRP has been on a surge recently after rallying from the $0.18 level to reach the $0.20 level over the past couple of days. The cryptocurrency is now facing major resistance here but a break above this level could see XRP hitting $0.25 by the end of the week.

XRP has been increasing ever since it managed to break above the resistance at $0.166 during late March 2020. It is now facing resistance at a bearish .382 Fibonacci Retracement level.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP/USD. Source: TradingView

Market Overview

Analyzing the daily chart above, we can clearly see XRP exploding once it managed to break above the $0.18 resistance level. It has now met resistance at $0.20 which is provided by a bearish .382 Fibonacci Retracement level that is measured from the February 2020 high to the March 2020 low.

Short term prediction: BULLISH

XRP is now considered to be bullish in the short term but must break above the $0.20 level for this bullish run to continue.

If the bulls can break $0.20, the first level of resistance is located at $0.211. Above this, resistance lies at $0.22, $0.229 (bearish .5 Fib Retracement), $0.24, $0,25, and $0.257 (bearish .618 Fibonacci Retracement level).

On the other hand, if the sellers push lower, we can expect the first level of support to be located at $0.19. Beneath this, support lies at $0.18, $0.1667, $0.16, and $0.14.

Key Levels

Support:$0.19, $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, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.

Summary

Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance - Can We Break Above Today?

Article Name

Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance – Can We Break Above Today?

Description

XRP increased by a total of 3.5% over the past 24 hours of trading as the cryptocurrency rises into the $0.20 resistance level.
The cryptocurrency has increased by a total of 15% over the past week after increasing from the $0.18 level.

Author

Yaz Sheikh

Publisher Name

Coin Gape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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.



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