XRP Price Analysis - XRP Supported By 100-days EMA But Can We Break $0.24 To Head Toward $0.26 (200-days EMA)?
- XRP saw a small 1% price increase over the past 24 hours of trading, bringing the price of the coin up to the $0.2360 level.
- The cryptocurrency has now seen an impressive 23% price surge over the past 30 days as it approaches the $0.24 level again.
- XRP has now broken above the 100-days EMA but faces strong resistance at a bearish .5 Fib Retracement at $0.245.
|⠀Key XRP resistance levels:||$0.24, $0.2435, $0.25, $0.2518, $0.26|
|⠀Key XRP support levels:||$0.2345, $0.22, $0.2150, $0.21, $0.20|
*Price at the time of writing
XRP rose by a small 1% over the last day to bring the price of the coin up to around $0.2360. It has witnessed a strong 8% price surge over the past 6 days as the cryptocurrency rose from the $0.22 level and went on to break above the 100-days EMA. It has been struggling to overcome and close above resistance at $0.24 over the past 3 days, however, if the bullish momentum continues it should certainly break above.
XRP remains ranked in the 3rd position as it retains a market cap value of around $10.39 billion.
XRP Price Analysis
What has been going on?
Taking a look at the daily chart above, we can see XRP bounced from the support at the short term .5 Fibonacci Retracement level at $0.218 and went on to climb higher. It faced resistance at the 100-days EMA for a couple of days but did not take long to smash above it. XRP has managed to increase as high as $0.25 this week, however, it still has failed to close above the resistance at $0.24 and must close above here to travel higher.
Against BTC, XRP has been struggling heavily as it drops beneath 2525 SAT but a recovery is underway and if XRP can remain above this level we may see XRP heading higher to re-test $0.25.
XRP price short term prediction: Neutral
XRP will still remain neutral until the cryptocurrency can break and close above the resistance at $0.2455. A close above $0.26 (200-days EMA) would confirm a strong bullish trend is intact and we should expect XRP to rise higher and head toward the $0.30 level. If XRP was to fall and drop beneath $0.218, the market could be considered weakly bearish with a further drop beneath $0.20 confirming the bearish trend.
If the sellers regroup and push XRP beneath the support at $0.2345 and the 100-days EMA, the next level of strong support can be expected at $0.218 (.5 Fibonacci Retracement level). Beneath this, additional support lies at $0.212, $0.21, $0.20, $0.196, and $0.19.
What If The Bulls Increase Their Pressure?
Alternatively, if the bulls continue to press higher from the support at $0.2345, we can expect the first level of resistance to be located at $0.24. Above this, additional resistance lies at $0.245 (bearish .5 Fib Retracement), $0.25 (1.272 Fib Extension), $0.257, $0.26 (200-days EMA), and $0.262.
If the bullish pressure continues to drive XRP upward, further resistance is located at $0.274, $0.28, and $0.289.
What Are The Technical Indicators Showing?
The RSI is still above the 50 level which shows that the bulls are in control over the market momentum. If the RSI can remain above the 50 level, we can expect the bullish run to continue higher toward $0.25. Additionally, the Stocahstic RSI recently reduced a bullish crossover signal in oversold conditions which confirmed that the previous selling momentum had finished.
Previous XRP price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of XRP: