Ripple (XRP) Price Analysis (February 20)
- XRP's price strength has once again overpowered by the US dollar market worth.
- A fiercely breakthrough of a $0.30 mark will portend a decent return of the XRP bullish trading cycle.
- Investors may consider buying into this crypto-trade now or allow it to dip a bit more.
Major resistance levels: $0.32, $0.34, $0.36
Major support levels: $0.24, $0.22, $0.20
Ripple (XRP) Price Analysis
The XRP/USD market has gone under a depressive price moving force. About few hours in the last trading days, the crypto rallied around a $0.30 resistance line. But, presently, the pair is trading towards a low $0.26 mark.
The US dollar overwhelmed the XRP's price strength, downward trading around a low critical point that may cause further lowly price movements if a $0.26 line breached southwardly. The base cryptocurrency will have to fiercely breakthrough $0.30 to safely portend a decent return of bullish trading cycle for this crypto-trade subsequently.
Ripple Technical Indicators Reading
The 50-day SMA indicator is located over the 14-day SMA trading indicator. And, Japanese candlesticks now form precipitately downward the south below the SMAs.
The Stochastic Oscillators have traversed southward from range 80 towards touching a lower range at 20. That suggests that the XRP/USD market selling pressure may not have completely exhausted.
The XRP/USD market is again facing another round of recovery trading position, which may not be visibly achieved in the near time. Though, the sellers’ strength has affirmed to a point in the market. And, a breakdown of a $0.26 mark could result in a dicey sustainable trading situation for the XRP/USD sellers. Given that, it could now be one of the best investing times that investors may plug-in.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.