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    Home » Crypto News » Ripple Price Analysis: XRP Pushing To $0.20 But Descending Triangle Still in Play

    Ripple Price Analysis: XRP Pushing To $0.20 But Descending Triangle Still in Play

    Author: Yaz Sheikh

    Last Updated Jun 17, 2020 @ 15:29
    • XRP saw a 2.7% price increase today as it attempts to reclaim $0.2.
    • The cryptocurrency remains within the confines of a descending triangle formation.
    • Against Bitcoin, XRP rebounded from the support at 2022 SAT to reach the current 2074 SAT level.

    Key Support & Resistance Levels

    XRP/USD:
    Support: $0.192, $0.187, $0.18.
    Resistance: $0.20, $0.207, $0.22
    XRP/BTC:
    Support: 2022 SAT, 2000 SAT, 1950 SAT.
    Resistance: 2100 SAT, 2200 SAT, 2360 SAT.

    XRP/USD: XRP Triangle Re-Emerges

    XRP can still be considered to be trading within a period of consolidation with the floor of the triangle at $0.187 instead of $0.192. The coin has been trading within this triangle since the start of May 2020 and must breakout from it to dictate the next move.

    During the week, it did look like XRP had broken beneath this triangle. However, moving the base of the pattern has allowed it to remain inside it, but a break below $0.187 would undoubtedly spell disaster for XRP.

    xrpusd-jun17
    XRP/USD. Source: TradingView

    XRP-USD Short Term Price Prediction

    Looking ahead, if the sellers push lower, the first two levels of support lie at $0.192 (.382 Fib Retracement) and $0.187 (Triangle floor). Added support lies at $0.18 and $0.175 (.5 Fib Retracement).

    Alternatively, if the buyers can break above the upper boundary of the triangle, resistance lies at $0.20, $0.207 (100-day EMA), and $0.22 (200-day EMA).

    The RSI recently pushed back above 50 to indicate increasing bullish momentum within the market. Furthermore, the Stochastic RSI also produced a bullish crossover signal that indicates increasing bullish pressure.

    XRP/BTC: XRP Rebounds From Fresh 2-Year Lows

    Against Bitcoin, XRP had suffered significantly when it slipped from 2071 SAT last week to reach as low as 2022 SAT and create a fresh multi-year low. Luckily, it managed to push higher from this support today as it climbs into the 2072 SAT level.

    XRP has a long way to recover its losses against BTC in 2020. The coin would need to break above 2500 SAT before it can start to think above its recovery.

    xrpbtc-jun17
    XRP/BTC. Source: TradingView

    XRP-BTC Short Term Price Prediction

    If the buyers continue to push XRP higher, the first level of resistance lies at 2100 SAT. Above this, resistance can be expected at 2200 SAT and 2360 SAT (100-day EMA).

    Alternatively, if the sellers push lower, the first level of support lies at 2022 SAT. Beneath this, added support is found at 2000 SAT, 1950 SAT, and 1890 SAT.

    The RSI has also broken above the 50 line to indicate bullish momentum present within the market.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ripple (XRP) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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