Ripple Price Analysis: XRP Breaks Above $0.20 Joining The Altcoin Party

1
0
Share:

  • XRP increased by 4% today as the bulls climb back above $0.2.
  • The coin was trading at the .382 Fib Retracement for the majority of July and bounced higher from there.
  • Against Bitcoin, XRP is within an acute descending triangle as the buyers battle to remain above 2100 SAT.

XRP/USD: XRP Bulls Finally Reclaim $0.2

Key Support Levels: $0.2, $0.192, $0.18.
Key Resistance Levels: $0.21, $0.215, $0.225.

Since reaching the 100-days EMA in early-July, XRP has traded sideways as it moved lower toward the support at $0.192 (.382 Fib Retracement). This level held throughout the month and allowed XRP to bounce higher from there yesterday.

During the rebound, ETH managed to climb and close above the $0.2 resistance. The coin still needs to push further above $0.21 (200-days EMA) to start a bullish run.

XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the buyers push higher, the first level of strong resistance lies at $0.21 (200-days EMA). Above this, added resistance is located at $0.215 and $0.225 (bearish .5 Fib Retracement).

On the other side, the first level of support is now $0.2. Beneath this, added support is found at $0.192 (.382 Fib Retracement) and $0.175 (.5 Fib Retracement).

The RSI remains above the 50 line as the bulls control the momentum, and the Stochastic RSI produced a bullish crossover signal.

XRP/BTC: XRP Forms Acute Triangle Against BTC

Key Support Levels: 2100 SAT, 2071 SAT, 2050 SAT.
Key Resistance Levels: 2200 SAT, 2250 SAT, 2300 SAT.

Against BTC, XRP has slowly been heading lower since reaching the 100-days EMA at 2200 SAT earlier in the month. The coin has now formed a descending triangle pattern with a base at 2100 SAT.

A break beneath the triangle would see XRP unwinding back toward the 1900 SAT level. On the other side, a break above 2200 SAT would start a bullish run.

XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

Moving forward, if the buyers push above the triangle, the first level of resistance lies at 2200 SAT (100-days EMA). This is followed by resistance at 2251 SAT (bearish .236 Fib Retracement) and 2300 SAT.

On the other side, the first level of strong support lies at 2100 SAT. Beneath this, support is expected at 2071 SAT, 2022 SAT, and 1950 SAT.

The RSI has returned to the 50 line, which indicates indecision within the market. If it remains above 50, we can expect XRP to push higher above the triangle. Additionally, the Stochastic RSI is primed for a bullish crossover signal.

   

Source