Anticipated Bounce on XRP as It Reaches Main Support Area for U-Turn

XRP fell over 4% after it was rejected around $0.2450 price level versus the US dollar, as Bitcoin traded around $8,900 price level. The XRP price has now moved toward the primary support levels at $0.2212 and $0.2200.

During the present week, we recorded great development up in Bitcoin, Ethereum and XRP versus the US dollar. The price of XRP rose past barrier levels of $0.2250 and $0.2320.

The price has relentlessly declined after the development of a transient top in the district of $0.2450 level versus the US dollar.

It has fallen by over 8% contrasted with the ongoing high, and now it is well underneath the level at $0.2340.

Starting late, the XRP/USD pair broke underneath the main support of the horizontal line on the level at $0.2255.

The pair must stay past the support level of$0.2200 and the moving average 5 and 13 to recuperate its losses.

In any case, a breakthrough happened past the opposition of a $0.2400 price level. Furthermore, the price was inclining up to a new high of 2020 – around the level at$0.2450. The momentary high appears to have conformed to $0.2450 level, and the price is as of now plunging.

Furthermore, XRP has just broken the support level of $0.2340. Moreover, on the daily time frame of the XRP/USD pair, there was a break underneath the main support of the horizontal level at $0.2255. The pair was inclining underneath the horizontal retracement level from the upward development on the low of $0.2100 to a high of $0.2450 level.

XRP as of present is trending close to the main support level of $0.2200 and the moving average 5 and 13 zones. Besides, the correction level on the horizontal line of the upward movement from a low of $0.2100 level. To a high of $0.2450 level which is quite close to the level of $0.2255.

XRP/USD May Stay Afloat of the $0.2200 Price Level

Supply Levels: $0.2200, $0.2100, $0.2000

Demand Levels: $0.2501, $0.2450, $0.2340

So far the crypto pair price is past the support level of $0.2200, it may start a fresh growth. Initial resistance is near the level of $0.2340 and $0.2450.

The main resistance for the XRP/USD is close to the level of $0.2340, upside zone where the bulls are likely to gain more upward energy. In the mentioned bullish scenario, the price may return to a recent high or $0.2450 in the exchanging sessions.

Author: Azeez Mustapha

Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.