XRP / USD: XRP bulls finally wake up
The XRP fell below a descending triangle pattern in late June 2020. After breaking to the bottom, it continued to fall until it found support at $ 0.175 (0.5 fib retracement level). The bulls have defended that level in the past ten days, preventing the currency’s price from falling. This allowed buyers to raise the price, as the token reached $ 0.186.
XRP / USD. Source: TradingView
Short-term price forecast XRP / USD
In the future, if buyers continue to raise the price, resistance is expected at $ 0.195 (100-day EMA) and $ 0.20. Above $ 0.2, the next resistance is found at $ 0.21 (200-day EMA). On the other hand, the first level of support is found at $ 0.175 (0.5 fib retraction). Below that, the next support is located at $ 0.171 and $ 0.157 (fib retraction .618).
The RSI recently rose to break above the 50 line. This indicates that the selling moment has slowed and that buyers have taken control of the moment in the market.
XRP / BTC: XRP jumps above 2000 SAT
Against Bitcoin, the XRP dropped to 1900 SAT in early July 2020. From then on, the token reversed and started to recover more slowly. In the last few days it found resistance at the 1950 SAT level, but managed to pass the mark today, valuing above 2000 SAT.
The 1900 SAT recovery prevented the token from entering an extended bearish trend against BTC. However, the currency is still in dangerous territory. The currency needs to rise and break above 2250 SAT to confirm the start of a recovery.
XRP / BTC. Source: TradingView
Short-term price forecast in the XRP / BTC pair
If bulls raise the price further, resistance is expected in 2050 SAT, 2100 SAT and 2200 SAT.
On the other hand, the first level of support is in 1950 SAT. Below that the following support is found in 1900 SAT, 1890 SAT and 1850 SAT.
The RSI also recently rose above the 50 line to indicate a bullish moment in the market.