The Price of XRP Ready for Downside Thrust

News / 09.01.2020

The price of XRP/USD was rejected close to $0.2250 hurdle zone. Due to this, the price embarked on a downward move under $0.2150 and $0.2100.

The price experienced a powerful surge to the upside but could not move beyond the hurdle zone at $0.2250. It encountered a swift decline that led it to under the support level at $0.2150.

Further, the price surged below the support at $0.2100 and the 100 hourly SMA. The buyers could not take a stand at the $0.2080 support and the price turned down to as low as $0.2031.

BTC put up the same price action following its rejection close to $8,450. The price of BTC was on the downside by 5 percent and was able to break the support zone at $8,080.

At the moment, the price of XRP is retracing higher following a move to $0.2031. Nevertheless, the past support close to $0.2080 is now resisting it. A look at the hourly chart of XRP against the USD revealed the formation of a key declining trend line with hurdle close to $0.2105.

Hence, the price should surge over $0.2080, $0.2100 and $0.2120 for new gains.

At the moment, the price action is suggesting that XRP could be getting ready for an eventual downside thrust under $0.2050. If the downside thrust occurs, the price could continue towards $0.2000 or $0.1980 prior to the beginning of a fresh upward move.


Featured image courtesy of Shutterstock. Source: Cryptopress.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.