XRP In a Fight to Stymie Downward Spiral

News / 24.02.2020

XRP/USD’s price rallied past the $0.2800 mark. However, it couldn’t carry the momentum past the $0.2860 level. Currently, the price is experiencing a downside towards the major supports at $0.2700 and $0.2650.

XRP Steady Gain

Recently, the price gained steadily from the $0.2650 support zone. Consequently, it broke the   $0.2800 barrier zone in addition to the 100 hourly SMA.

Despite the gain, the buyers couldn’t push the price beyond the $0.3000 barrier. It established a swing high near $0.2861 only to start declining. It moved into the short term declining territory by continuing to perform under $0.2800 and $0.2780.

Bullish Trend Line

An analysis of the XRP/USD hourly chart reveals the presence of a break under a key bullish trend line with support about the  $0.2760 mark. Currently, the price has stabilized under $the 0.2780 and  100 hourly SMA levels.

Examining the downside indicates several supports near $0.2700 and $0.2650. Similarly, the upside shows the 100 hourly SMA to be the currency’s closest barrier to $0.2760. Initially, this barrier was close to $0.2800. Any XRP price movement above that level could embolden the buyers, potentially pushing the price to $0.3000.

XRP Price Rebound?

XRP’s failure to surpass the $0.2800 level could trigger a decline to under $0.2700 support. At that level, the immediate key supports are close to $0.2650 and $0.2640.  The next support neighbors $0.2680.

Overall the XRP price could maintain its downward trajectory in the short term. Nevertheless, there’s the possibility of the price rebounding from either $0.2700 or $0.2650.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.