XRP Price Analysis: Ripple Surges Another 25% Daily But Are Bulls Overextended?

cryptopotato.com 2020-11-25 23:10
Reading time: ~2 m

XRP/USD – XRP Rampage Continues As Bulls Target $1

Key Support Levels: $0.65, $0.6, $0.55
Key Resistance Levels: $0.718, $0.75, $0.8, $0.85, $0.89.

The unprecedented XRP rampage continued today with another 25.8% price surge allowing XRP to hit $0.69 at the time of writing. The cryptocurrency had actually pushed as high as $0.84 during today’s trading session but has since dropped lower.

This price explosion took everybody by surprise this week when XRP started to climb above $0.3. From there, the bullish pressure only increased as XRP stormed past $0.4, $0.5, and $0.55 (2019 Highs) yesterday.

The volume for XRP is also continuously increasing this week as traders hop on the bandwagon to take advantage of the meteoric ascent.

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies at $0.718 (bearish .886 Fib Retracement). Above this, resistance lies at $0.75, $0.771, and $0.8. Beyond $0.8, additional resistance is expected at $0.85, $0.89 (1.272 Fib Extension), $0.925, and $0.95. This is followed by resistance at $1.00.

On the other side, the first level of support lies at $0.65. Beneath this, support is found at $0.6, $0.55 (2019 Highs), and $0.5.

XRP/BTC – Bulls Temporarily Stall At 3800 SAT

Key Support Levels: 3200 SAT, 3000 SAT, 2900 SAT.
Key Resistance Levels: 3800 SAT, 4000 SAT, 4300 SAT, 4500 SAT, 4800 SAT.

XRP also continued further higher against BTC today. The cryptocurrency managed to penetrate above 3000 SAT yesterday, and it continued higher today as it broke the previous 2020 highs at 3360 SAT to spike as high 4300 SAT.

The cryptocurrency found solid resistance at the October 2019 highs around 3800 SAT and was unable to close a 4HR candle above this level. It has since dropped lower to trade at 3460 SAT (at the time of writing).

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers push higher, resistance first lies at the October 2019 Highs at 3800 SAT. Above this, resistance lies at 4000 sAT, 4300 SAT, 4500 SAT, and 4800 SAT. Additional resistance is found at 5000 SAT (bearish .382 Fib Retracement) and 5400 SAT.

On the other side, support lies at 3200 SAT (.382 Fib), 3000 SAT, and 2900 SAT (.5 Fib).