Ripple Price Analysis: Will The $0.20 Crucial Support And 6-Month Low Against Bitcoin Save XRP From Further Plunge?
- XRP dropped by 9.5% over the past 24-hours of trading as it falls back into the $0.20 price levels.
- Yesterday, the cryptocurrency broke down an ascending supporting trend line and completed an 18% drop since then.
- Against Bitcoin, XRP dropped toward 2400 SAT to create a fresh 6-month low but has since recovered back above 2600 SAT.
Key Support & Resistance Levels
XRP/USD:
Support: $0.20, $0.195, $0.19.
Resistance: $0.22, $0.227, $0.235.
XRP/BTC:
Support: 2600 SAT, 2550 SAT, 2455 SAT.
Resistance: 2710 SAT, 2750 SAT, 2800 SAT.
XRP/USD – Ripple Drops Into $0.20 Support Following the Breakdown Down
Since our previous analysis, XRP was still unable to break the $0.245 resistance level as it started losing momentum and dropped into the $0.235 support from last Saturday. Yesterday, on Sunday, XRP collapsed beneath the 2-month-old rising trend line as plummetted into the $0.20 support level.
The current low lies at $0.195, but following Bitcoin’s rebound, XRP managed to close the day above the critical support at $0.20, provided by a downside 1.618 Fib Extension. Earlier today, XRP encountered resistance at $0.217, which caused it to fall back to the current price levels. XRP is not trading at a 2-month low against the US dollar.
XRP-USD Short Term Price Prediction
If the sellers break beneath $0.20, the next support can be found at $0.195. This is followed by support at $0.19 and $0.181, which had provided stiff support for the market during December 2019. Beneath this, further support is located at $0.17.
From above, resistance lies at $0.217. This is followed by resistance at $0.22, $0.227, ad $0.235. The RSI has bounced from oversold conditions; however, the momentum remains heavily in favor of the sellers.
XRP/BTC – 6-Month Low Against Bitcoin
Against Bitcoin, we can see that XRP went on sideways trading above the 2640 SAT support since our last analysis. However, on Sunday, XRP/BTC collapsed beneath the rising trend line as it dropped by a steep 10% to reach low at 2400 SAT – creating a fresh 6-month price low.
As of now, it rebounded and managed to close above the 2525 SAT support level.
In today’s trading session, XRP has returned to the previous rising trend line and is looks like this is the first support turned resistance level – 2650 SAT.
XRP-BTC Short Term Price Prediction
In case of breaking above the marked ascending trend line, resistance lies at 2710 SAT, 2750 SAT, and 2800 SAT.
On the other side, further support is located at 2600 SAT, 2525 SAT, and 2455 SAT.
The RSI is approaching back toward the 50 level, which shows that the selling momentum is showing signs of fading away; however, it’s still early. For recovery, the RSI must break 50 to show the bulls have taken charge of the market momentum.
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