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Winds of Change? Ripple (XRP) Records 3-Week High Against Bitcoin (Price Analysis)

Analytics

cryptopotato.com 07 July 2020 16:20, UTC
  
Reading time: ~2 m

  • XRP saw a sharp 6% price rise over the past 24 hours to bring it to $0.186.
  • Before this, XRP was trading sideways along with the support at $0.175.
  • Against Bitcoin, XRP rebounded from 1900 SAT to reach 2000 SAT.

Key Support & Resistance Levels

XRP/USD:
Support: $0.175, $0.171, $0.157.
Resistance: $0.195, $0.20, $0.21.
XRP/BTC:
Support: 1950 SAT, 1900 SAT, 1890 SAT.
Resistance: 2050 SAT, 2100 SAT, 2200 SAT.

XRP/USD: XRP Bulls Finally Wake Up

XRP fell beneath a descending triangle pattern toward the end of June 2020. After breaking below, it headed lower until finding support at $0.175 (.5 Fib Retracement level).

The bulls defended this level over the past ten days, preventing the price of XRP from heading lower. This allowed the buyers to push higher from there today as XRP reached $0.186.

XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the buyers continue to climb, resistance is expected at $0.195 (100-day EMA) and $0.20. Above $0.2, added resistance is found at $0.21 (200-day EMA).

On the other side, the first level of support is found at $0.175 (.5 Fib Retracement). Beneath this, added support is located at $0.171 and $0.157 (.618 Fib Retracement).

The RSI recently pushed higher to break above the 50 line. This indicates that the selling momentum has faded and that the buyers have taken control of the market momentum.

XRP/BTC: XRP Bounces Above 2000 SAT

Against Bitcoin, XRP dropped as low as 1900 SAT by the start of July 2020. From there, XRP reversed and started to grind higher slowly. In recent days, it found resistance at the 1950 SAT level but managed to break above it today as it reached above 2000 SAT.

The rebound from 1900 SAT prevented XRP from entering into an extended bearish trend against BTC. However, XRP is still in dangerous territory. The coin needs to rise and break above 2250 SAT to confirm the start of a recovery for XRP.

XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the bulls push higher, resistance is expected at 2050 SAT, 2100 SAT, and 2200 SAT.

On the other side, the first level of support lies at 1950 SAT. Beneath this, added support is found at 1900 SAT, 1890 SAT, and 1850 SAT.

The RSI also recently pushed higher above the 50 line to indicate bullish momentum within the market.



   Source
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