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

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.