Ripple Price Make Or Break At $0.20 Pivotal Level

John Isige News July 14, 2020

Ripple XRP
Image Courtesy of Flickr

Ripple Price Make Or Break At $0.20 Pivotal Level

  • Ripple price has the potential to rally on the account of prime technical levels.
  • XRP/USD breakout above the falling wedge pattern must be followed through with volume and seller confidence.

Ripple price gave back to its investors last week following a surge from the dip under $0.17 to highs slightly above $0.21. Generally, XRP has not been one of the strongest performers in the last couple of years. However, its community remains hopeful that the digital asset will turn a new leaf and breakout massively in the near future.

Technical levels and technical indicators highlight a pivotal moment for the fourth-largest cryptocurrency. At this point, a decision has to be made and the question is, how will XRP respond?

Ripple price has recently broken above the downtrend resistance against both the BTC and USD pairs. On a wider scope, indicators reveal that the cryptoasset is on the verge of a breakout. However, these breakouts must be supported by volume especially now that cryptocurrencies across the board are nearing the conclusion of tight range trading and consolidation.

Read alsoRipple CTO Sheds Light On Why XRP’s Price Is Still In Cents

XRP/USD daily chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The falling wedge pattern is a jackpot Ripple bulls need to tap into. A breakout above the pattern took place last week. The price climbed above the key moving averages (50-day EMA and 100-day EMA). Following the retreat from $0.21, XRP/USD has remained pivotal at $0.20. Its immediate downside supported by the 100-day EMA (0.1968). The 50-day EMA ($0.1923) is in line to provide support as well.

Holding above the 50-day EMA is particularly vital for the next run-up towards $0.30. The MACD is also grinding upwards and a break above 0.00 (midline) could trigger a rally. Despite the retreat from $0.21, the RSI has managed to hold above 60. In other words, sellers seem to have lost traction and the path of least resistance is to the north. Bulls, however, need to follow up on the breakout in confidence because $0.30 is achievable in the short term.

Read moreRipple Price Pivotal At $0.20 As Reversal To $0.19 Lingers

Ripple Intraday Key Levels

Spot rate: $0.1987

Relative change: -0.0002

Percentage change: -0.10%

Trend: Bearish

Volatility: Shrinking

 

 

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Post your comment...
John Isige 704 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @