XRP Prices Shows Readiness for A Movement to The Lower Side

News / 09.01.2020

A rejection approximated at about $0.2250 was reflected on the XRP/USD pair prices, leading to a downward movement under the $0.2150 and $0.2100 zones. Although there was a significant upsurge in its price, the initial value was maintained at levels, not beyond the $0.2250 zone. It further encouraged the decrease reported to hold at the level of $0.2150 support. 

Following this analysis, a downward trend was recorded that illustrated price maintenance below support levels of $0.2100 considered at the 100 hourly simple moving average (SMA). As a result, most buyers couldn’t stand the valued support at hurdle levels of $0.2080, and this led to a further decrease in price, resulting in low levels reaching $0.2031 support. 

The Bitcoin Progress After its Rejection 

The Bitcoin prices also assimilated similar actions based on its rejection. They recorded hurdles close to $8,450, and this was an analysis of a BTC downside of about 5%, resulting in support level breaks at the $8,080 zone. The BTC/USD pair recorded movements presented as an upside surge approximated over 5% based on hurdle levels between $7,700 and $7,800 and reached the $8,000 zone. However, future corrections anticipated a lowering in the value levels.

It followed the previous days’ establishment on the expected rise in price between levels of $7,800 all through $8,000. However, prices were recorded to surpass the $7,800 hurdle zone and closed over the pivot level of $7,700 and 100 hourly simple moving average. 

Current XRP Progress

The current progress of the XRP shows retraces of increased movement towards the $0.2031 support level, although the previous support is close to $0.2080 and presents resistance at this zone. An in-depth comparison between the XRP hourly chart that was put against the USD hourly chart explained and illustrated the primary downward trend that showed support levels at hurdles of $0.2150. It meant the anticipation of an upsurge over $0.2080 to $0.2100 towards the $0.2120 support zones based on the current yields. 

This indication proves the anticipated expectations of an imminent decline suggesting the XRP value could drop and eventually record a downside thrust that reaches levels below $0.2050. In light of this event, the decline could significantly continue below levels that show hurdles of $0.2000 and even reach $0.1980, which illustrate the presiding records of the starting points of new upsurge movements. 

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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.