When Will XRP Overcome The Battle To Break $0.20?

Published April 19, 2020 | Updated April 19, 2020

Ripple XRP
Image Courtesy of Flickr

When Will XRP Overcome The Battle To Break $0.20?

  • XRP saw a 3% price drop over the past 24 hours of trading as the cryptocurrency reaches the $0.19 level.
  • The cryptocurrency continues to consolidate as it remains trapped by the $0.20 level.

XRP saw a 3% price fall over the past 24 hours as it drops from $0.196 to reach the current support at $0.19. The cryptocurrency has been trading above a rising support trend line for the past month but is still struggling to break above resistance at $0.20.

For XRP to continue higher, the market must break above the $0.20 level, however, if it goes the other way and it drops beneath the rising support trend line, XRP could drop back toward $0.17.

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 rebounding at the $0.18 level earlier in the week as it reached the support at the rising trend line. It had previously met resistance at the $0.20 level (provided by a bearish .382 Fib Retracement level) which caused the market to roll over and fall to $0.18.

After rebounding at $0.18, the cryptocurrency started to climb higher toward $0.20, however, in yesterday’s trading session it fell short at $0.196 which caused it to roll over and drop today.

Short term prediction: NEUTRAL

XRP remains neutral in the short term but a break beneath $0.18 would turn it bearish. To turn bullish it must climb above $0.20.

If the sellers push beneath $0.19, the first level of support lies at $0.184 (.236 Fib Retracement). This is further bolstered by the rising support line. Beneath this, support lies at $0.18, $0.17 (.382 Fib Retracement), and $0.16.

On the other side, resistance is located at $0.20 (bearish .382 Fib Retracement), $0.211, and $0.229 (bearish .5 Fib Retracement).

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.

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 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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