XRP is Prone to Plunge Soon

News / 23.01.2020

The XRP/USD pair failed to rise above the barrier at $0.2400. The pair’s price is dropping at the moment, and it appears at risk of falling below $0.2300 and $0.2240.

Currently, the price rose over the barriers at $0.2320 and $0.2350. However, the price could not secure a momentum and topped close to the $0.2420 zone. It did not form a high close to $0.2415 and started inclining. The XRP/USD pair surged past $0.2380 and $0.2350.

At the moment, XRP is trading below $0.2320 and the 100 hourly simple moving average. The next stop is close to $0.2300, and the price may settle at the major support zone at $0.2240 if it declines.

A Look at the XRP/USD Hourly Chart

The XRP/USD hourly chart reveals that the buyers face several resistances close to $0.2380 and $0.2400. A key observation shows that the price follows a significant declining trend line with a barrier close to $0.2350.

In this case, the price needs to surge over $0.2400 to commence a powerful incline. The immediate major resistances are close to $0.2500 and $0.2550. On the other hand, the price may fall if it keeps struggling close to $0.2380 and $0.2400.

The major support is close to $0.2240, and a slight fall may lead to $0.2200. If the price plunges, it may keep dropping beneath $0.2150 and could settle at the $0.2120 support zone in the near term.

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Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.