Ripple’s Sideways Action Around $0.2 Continues: XRP Updated Price Analysis & Overview

  • XRP saw a sharp 4.7% price drop today as it trades at $0.204.
  • The coin has been trapped within a descending triangle pattern for the past month with a support floor at $0.192.
  • Against Bitcoin, XRP continues to trade at the 2-year lows as the buyers battle to defend it from slipping further.

Key Support & Resistance Levels

XRP/USD:
Support: $0.192, $0.18, $0.175.
Resistance: $0.215, $0.22, $0.225.XRP/BTC:
Support: 2100 SAT, 2070 SAT, 2050 SAT.
Resistance: 2200 SAT, 2300 SAT, 2360 SAT.

XRP/USD – XRP Holds Above $0.2 For 5 Days

XRP pushed above the $0.2 level again five days ago as the buyers battle to keep the coin above there for the past week. The coin remains trapped within a descending triangle pattern as it struggles to climb above the upper boundary.

XRP did surge as high as $0.225 (bearish .5 Fib Retracement) yesterday, but the BTC price drop back beneath $10,000 caused it to close below the triangle again. A breakout of this triangle could spark a bullish run for XRP back toward the $0.25 March highs, but a push beneath $0.192 could spell disaster for XRP.

xrpusd-jun3XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

If the buyers push higher, the first level of resistance is expected at the falling trend line. Above this, resistance is found at $0.215, $0.22 (200-day EMA), $0.225 (bearish .5 Fib Retracement), and $0.235.

On the other side, the first level of support lies at $0.2. Beneath this, support is located at $0.192 (lower boundary of triangle & .382 Fib Retracement), $0.18, and $0.175 (.5 Fib Retracement).

The RSI has returned to the 50 line as the buyers battle to maintain control of the market momentum. For XRP to break above the triangle, the RSI must push higher to indicate increasing bullish momentum.

XRP/BTC – XRP Continues To Trade At Multi-Year Lows

Against Bitcoin, XRP has been trading at 2-year lows since mid-May 2020 when it hit the 2070 SAT level. The coin bounced from there toward the end of May to reach as high as 2200 SAT. Unfortunately, XRP returned to these lows yesterday as the coin rebounded from 2070 SAT again.

XRP is now trading at 2125 SAT as the buyers attempt to take some form of control within the market.

xrpbtc-jun3XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the sellers do push back beneath 2100 SAT, the first level of support lies at 2070 SAT. Beneath this, added support could be expected at 2050 SAT, 2022 SAT, and 1950 SAT.

On the other side, the first level of strong resistance is at 2200 SAT. Above this, resistance is found at 2300 SAT, 2360 SAT, and 2455 SAT (100-day EMA).

The RSI is beneath the 50 line to indicate weak bearish momentum. If the RSI drops lower from here, then XRP can be expected to fall beneath the 2-year-old 2071 SAT support level.

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The post Ripple’s Sideways Action Around $0.2 Continues: XRP Updated Price Analysis & Overview appeared first on CryptoPotato.

Publication date: 
06/03/2020 - 17:52
Author: 
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