Ripple Price Signals Breakout To $0.25: Time To Go Long on XRP?

20 Mar, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Ripple Expands Further In Europe, Will XRP Price Rally Again?

Ripple price recovery to $0.1745, renewing bullish interest as focus shifts to $0.25.
A breakout from the triangle pattern is likely to send XRP/USD soaring towards $0.25.

Ripple price bullish action on Thursday was just but the beginning of an extended recovery with the bullseye at $0.25. Recovery from last week’s dip to $0.10 stalled in a narrow range between $0.14 and $0.15 for several days. However, widespread bullish pressure on Thursday saw the bulls take on the resistance at $0.15 and $0.16. The bullish action extended above $0.17 but hit a wall at $0.1745 leaving the key hurdle at $0.18 untested.

In the meantime, sellers have already taken over and pushed XRP/USD towards $0.16, shifting short term focus from $0.18 to $0.15. XRP/USD is trading at $0.16205 at the time of writing. Its immediate downside is supported by the 50 SMA at $0.1524 on the 4-hour chart. The next support targets are $0.15, $0.14 and $0.10.

On the upside, selling pressure is anticipated at $0.17, $0.1750 and $0.18. The Relative Strength Index (RSI) suggests the trend and momentum are in the favor of the bulls. Retreat from the weekly high could have been to create fresh demand for XRP in a bid to gain the strength to tackle resistance towards $0.20.

XRP/USD 4-hour chart

The Triangle Breakout

Ripple is trading at the apex of a symmetrical triangle pattern. The price is grinding closer to a breakout with a target is at $0.25. An improving technical picture due to the recovery on Thursday has renewed investor interest. Buyers have joined the market awaiting a catalyst to boost their efforts above resistances at $0.18, $0.20 and $0.25.

Ripple Key Levels

Spot rate: $0.16312

Relative change: -0.00197

Percentage change: -1.19%

Trend: Bullish

Volatility: Low

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.