The XRP/USD Pair Likely to Experience an Upsurge

News / 20.01.2020

The XRP/USD price rose over the barrier at $0.2450. The topping of the price happened close to $0.2540 and started correction to the downside. Recently, there was a robust increment in the price over the barriers at $0.2400 and $0.2450. Further, the price moved to the upside over $0.2500 and settled over 100 hourly SMA.

However, the sellers successfully protected the gains over $0.2540 and $0.2550. The price formed a high close to $0.2540, and it began to retrace to the downside. 

Additionally, a powerful fall ensued in Bitcoin following the failure to surge over the barrier zone at $9.2k. XRP price declined by over six percent and was able to break several supports close to $0.2450 and $0.2400.

Analyzing the XRP/USD Hourly Chart

The XRP/USD hourly chart reveals that the price broke below a key bullish trend line with support close to $0.2370. Currently, the price is under $0.2350 and the hourly SMA. It formed a low close to $0.2269, and it is now retracing higher.

The significant initial barrier for XRP is close to $0.2350 and the 100 hourly simple moving average. On the bearish side, the significant supports are close to $0.2240 and $0.2220, where buyers can take action in the near term. On the bullish side, XRP buyers should take the price over the barrier at $0.2400. I f the price closes over $0.2400, it may begin a new uptrend towards $0.2500 and $0.2550.

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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.