XRP/USD Uptrend Still Possible

News / 20.01.2020

The price of XRP/USD pair rose over the barrier at $0.2450. The topping of the price occurred close $0.2540 zone and started correction to the downside in recent time.

In recent time, there was a powerful increment in the price over the barriers at $0.2400 and $0.2450. Further, the price moved to the upside over $0.2500 and was able to settle over 100 hourly SMA.

Nevertheless, the sellers successfully protected the gains over $0.2540 and $0.2550. The price was able to form a high close to $0.2540, and it began to retrace to the downside. Besides, a powerful fall ensued in BTC following the failure to surge over the barrier zone at $9.2k.

The price of XRP declined by over six percent and was able to break several supports close to $0.2450 and $0.2400. Likewise, a look at the hourly chart of XRP against the USD shows that the price broke below a key bullish trend line with support close to $0.2370.

At the moment, the price is under $0.2350 and the 100 hourly SMA. It was able to form a low close to $0.2269, and it is now retracing higher.

The initial major barrier for XRP is close to $0.2350 and the 100 hourly simple moving average.

On the bearish side, the major supports are close to $0.2240 and $0.2220, where it is possible for the buyers to take action in the near term.

On the bullish side, XRP buyers should take the price over thebarrier at $0.2400. If the price closes over $0.2400, it may begin a new surge towards $0.2500 and $0.2550.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.