XRP Price Analysis: Huge Move Incoming As Ripple Consolidates

cryptopotato.com 2020-09-16 18:00
Reading time: ~3 m

  • XRP continued to move sideways this week as it trades along the 100-day EMA, beneath $0.25.
  • The bulls are slowly climbing, but it is quite negligible.
  • Against Bitcoin, XRP dropped beneath the September support at 2275 SAT today as the sellers take control.

XRP/USD – Bulls Push Above 100-days EMA

Key Support Levels: $0.243, $0.235, $0.228.
Key Resistance Levels: $0.25, $0.257, $0.266.

XRP has been sluggish since it spiked into the support at $0.228 (.618 Fib) earlier last week. The bulls managed to close each daily candle above $0.237 as they attempted to drive higher.

Although they increased the price, it was only by a small 1%, which is quite negligible. However, the buyers managed to move above the 100-days EMA, which is a little sign that the bulls are slowly taking control.

Despite the break above the 100-days EMA, the price is still bound by the resistance at $0.25 and must close above this to push higher. However, the fact that XRP has been ranging tightly over the past few days might be a signal for a huge incoming move.

XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

If the buyers break above $0.25, resistance lies at $0.257 (beraish .382 Fib). This is followed by resistance at $0.266 (bearish .5 Fib), $0.27, and $0.275 (bearish .618 Fib).

On the other side, the first level of support lies at the 100-days EMA at $0.243. Following this, support can be found at $0.236 (downside 1.618 Fib Extension & 200-days EMA), $0.228 (.618 Fib), and $0.22.

The RSI has pushed back to the mid-line to indicate fading bearishness. However, it must break above the mid-line for the bulls to start building momentum within the market.

XRP/BTC – Bears Penetrate Beneath Critical 2275 SAT Support

Key Support Levels: 2232 SAT, 2200 SAT, 2167 SAT.
Key Resistance Levels: 2333 SAT, 2400 SAT, 2450 SAT.

Against Bitcoin, XRP was trading at the 100-days EMA around 2333 SAT over the past fortnight. This support was further bolstered by a .5 Fib Retracement at the same level. Yesterday, the bears penetrated beneath it as they headed to 2300 SAT.

Today, the sellers continue to add to their pressure as XRP fell beneath the critical support at 2275 SAT (downside 1.414 Fib Extension). This level had provided support for the market in August and September, and a break beneath here could signal further declines for XRP.

XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the sellers continue lower, the first level of support lies at 2232 SAT (.618 Fib). This is followed by support at 2200 SAT and 2167 SAT (downside 1.414 Fib Extension).

On the other side, resistance lies at 2333 SAT (100-days EMA). This is followed by resistance at the falling trend line, 2400 SAT, and 2450 SAT (200-days EMA).

The momentum is clearly in the seller’s favor for XRP/BTC as it approaches oversold conditions.