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

By Yaz Sheikh
Published April 8, 2020 Updated April 8, 2020
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Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance – Can We Break Above Today?

By Yaz Sheikh
Published April 8, 2020 Updated April 8, 2020
  • 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.

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.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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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