XRP Will Fight Hard Before Any Downside Move

News / 24.02.2020

The price of XRP/USD surged past $0.2800, but could not continue over $0.2860. At the moment, the price is moving towards the downside to major support at $0.2700 and $0.2650.

In recent times, the price increased steadily from the $0.2650 support zone. It was able to break the $0.2800 barrier zone and the 100 hourly SMA.

Nevertheless, the buyers could not take the price to the barrier at $0.3000. It was able to form a swing high close to $0.2861 and in recent times started a new decline. It continued under $0.2800 and $0.2780 to move into a short-term declining territory.

A look at the hourly chart of the pair shows a break under a major bullish trend line with support close to $0.2760. The price is now well established under $0.2780 and the 100 hourly SMA.

A look at the downside reveals several supports close to $0.2700 and $0.2650. A look at the upside likewise shows that the 100 hourly simple moving average is the first barrier close to $0.2760. The initial major barrier is observed close to $0.2800 and a move over it could strengthen the buyers, possibly leading to $0.3000.

The failure of XRP to return to levels over $0.2800 could lead to a decline under $0.2700 support. The immediate major support is close to $0.2650 and $0.2640. The next support is close to $0.2680.

Generally, the price could extend its downside move in the short term, but there is likelihood of the price bouncing back from $0.2700 or $0.2650.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.