XRP has been on a surge recently after rallying from the $0.18 level to reach the $0.20 level over the past couple of days. The cryptocurrency is now facing major resistance here but a break above this level could see XRP hitting $0.25 by the end of the week.
XRP has been increasing ever since it managed to break above the resistance at $0.166 during late March 2020. It is now facing resistance at a bearish .382 Fibonacci Retracement level.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can clearly see XRP exploding once it managed to break above the $0.18 resistance level. It has now met resistance at $0.20 which is provided by a bearish .382 Fibonacci Retracement level that is measured from the February 2020 high to the March 2020 low.
Short term prediction: BULLISH
XRP is now considered to be bullish in the short term but must break above the $0.20 level for this bullish run to continue.
If the bulls can break $0.20, the first level of resistance is located at $0.211. Above this, resistance lies at $0.22, $0.229 (bearish .5 Fib Retracement), $0.24, $0,25, and $0.257 (bearish .618 Fibonacci Retracement level).
On the other hand, if the sellers push lower, we can expect the first level of support to be located at $0.19. Beneath this, support lies at $0.18, $0.1667, $0.16, and $0.14.
Key Levels
Support:$0.19, $0.18, $0.1776, $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
