7.9 C
Manchester
May 25, 2020
Image default
Guide & Analysis

Ripple’s price analysis: XRP closes toward $ 0.20, but bleeds against Bitcoin

XRP / USD: bulls defend $ 0.18 and allow XRP to recover

Since the break below the previous rising trend line, the XRP continued to fall until it found support at the $ 0.18 level, provided by a short-term in the .236 Fib retracement.

The cryptocurrency has recovered from here, while fighting resistance at $ 0.191 (down .618 Fib retracement). This price increase is largely driven by the fact that Bitcoin managed to rise above $ 7,000 today, with a 4.2% increase in price.

Short-term price forecast for Ripple in the dollar pair

If bulls manage to break $ 0.191, the first resistance level will be $ 0.20. Above that, resistance is expected at $ 0.21 (100-day EMA), $ 0.217 and $ 0.244 (200-day EMA).

On the other hand, the first level of strong support is at $ 0.18. Below that, support is located at $ 0.171, $ 0.165 (.382 Fib retracement), $ 0.16 and $ 0.157 (.5 Fib retracement).

The RSI recently rose above the 50 level, indicating that buyers have taken control of the market momentum. In addition, stochastic is prepared for a bullish cross signal, which should help the XRP to rise above $ 0.20.

XRP / BTC: Ripple falls below 2700 SAT

Against Bitcoin, XRP has been struggling since it failed to break the 100-day EMA in 2750 SAT. It briefly found support in 2710 SAT, but dropped today.

The cryptocurrency continued to find additional support at 2680 SAT, which is provided by a .382 level of Fib retracement.

xrpbtc-apr16

Ripple’s short-term price forecast in the BTC pair

If sellers remain below 2680 SAT, added support will be 2650 SAT, 2620 SAT (0.5 Fib) and 2600 SAT. Below that, the extra support is located at 2560 SAT (retraction .618 Fib).

Alternatively, if the bulls recover at 2680 SAT, resistance will be at 2710 SAT, 2750 SAT (100-day EMA) and 2800 SAT.

The RSI recently fell below the 50 line, which is a sign that sellers have taken control of the market momentum. If it continues to decline, the XRP may drop to 2650 SAT. Likewise, stochastic produced a bearish cross signal in the overbought territory, which is a sign that selling pressure is increasing.

Source: CryptoPotato

Related posts

Bitcoin is back in the $ 10,000 range! What can we expect ahead?

Shahrukh Ahmed

BTC, ETH, XRP – Is the current rise a pause before a decline?

Shahrukh Ahmed

Bitcoin rising to $ 6,000 or falling to $ 4,000?

Shahrukh Ahmed

Leave a Comment