Ripple Bulls Wake Up As They Push XRP Above $0.2 – Can We Expect More Bullish Pressure Ahead?


Ripple XRP
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Ripple Bulls Wake Up As They Push XRP Above $0.2 – Can We Expect More Bullish Pressure Ahead?

  • XRP saw a 1.9% price rise today as the bulls push the coin back above $0.20.
  • The cryptocurrency had dropped lower of the weekend but managed to find support at the .382 Fib Retracement.

Ripple climbed by 1.9% today as the cryptocurrency manages to reclaim the $0.20 level. XRP had dropped from $0.22 at the weekend as it fell beneath the 100-days EMA to reach as low as $0.18. It found solid support at the short term .382 Fib Retracement at $0.188 and started to climb higher.

The push higher today allowed XRP to climb back above $0.20 but the coin is now facing resistance at $0.201, provided by a bearish .382 Fib Retracement.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that XRP managed to reach a high of around $0.234 toward the end of April 2020. It was trading sideways for the first week of May 2020 as it bounced between $0.225 and $0.21.

Bitcoin fell from $9,600 to $8,100 oVer the weekend and this caused XRP to drop beneath the 100-days EMA and fall beneath $0.20. It continued to fall until reaching the support at $0.18 where a rebound higher was seen.

The coin has now bounced back above $0.20 and now faces resistance at the $0.201 level (bearish .382 Fib Retracement).

Short term prediction: NEUTRAL

The break beneath $0.2 turned XRP into a neutral trading condition. It must now break the resistance at $0.225 to turn bullish again. IT would need to close beneath $0.18 to be in danger of turning bearish.

If the bull breaks the current $0.201 resistance, higher resistance lies at $0.21 (100-days EMA). This is followed by resistance at $0.22, $0.225, and $0.229 (bearish .5 Fib Retracement). Above this, added resistance lies at $0.234 and $0.24.

On the other side, if the bears push lower, support can be found at $0.1881 (.382 Fib Retracement), $0.18, and $0.173 (.5 Fib Retracement).

Key Levels

Support: $0.20, $0.1881, $0.18, $0.173..

Resistance: $0.201, $0.21, $0.218, $0.225, $0.23.

Author: Yaz Sheikh
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.
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Yaz Sheikh 182 Articles
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.
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