xrpusd-may22
  • XRP surged by a total of 3.4% today as the coin breaks back above the $0.2 level.
  • The cryptocurrency managed to rebound from the support at $0.192 (.382 Fib Retracement).
  • Against Bitcoin, XRP is attempting to push higher after printing a fresh 2020 low at 2050 SAT earlier in the week.

Key Support & Resistance Levels

XRP/USD:
Support: $0.192, $0.18, $0.175.
Resistance: $0.207, $0.225, $0.235.
XRP/BTC:
Support: 2100 SAT, 2070 SAT, 2050 SAT.
Resistance: 2200 SAT, 2300 SAT, 2360 SAT.

XRP/USD: Bulls Lose Battle With 100-days EMA

XRP dropped beneath the crucial $0.20 level yesterday after struggling to break the strong resistance at the 100-days EMA. It was attempting to close above this resistance for the past 10-days and has failed to do so each time.

The latest Bitcoin price fall caused XRP to drop beneath the $0.2 level as it headed to the support at $0.192 (.382 Fib Retracement). XRP rebounded from there to push back above the $0.20 level.

XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Once the 100-days EMA ($0.207) is tackled, the first level of resistance is located at $0.215. Above this, resistance lies at $0.225 (bearish .5 Fib Retracement & 200-days EMA), $0.235, and $0.245. Additional resistance is then found at $0.225 (bearish .618 Fib Retracement).

On the other side, if the sellers continue to drive XRP lower, the first level of support lies at $0.192 (.382 Fib Retracement). Beneath this, more demand can be expected at $0.18, $0.175 (.5 Fib Retracement), and $0.171.

The RSI has returned to the 50 line after dipping beneath it. This indicates there is indecision within the market. If the RSI can push above 50, then XRP could head above the 100-days EMA.

XRP/BTC: Bulls Rebound From 2-year Lows

Against Bitcoin, XRP was previously trading at the 2070 SAT support for around 7-days. The support here is provided by a long term downside 1.414 Fib Extension. Over the past 3-days, XRP has bounced from this support to reach the 2190 SAT level today.

The buyers need to push toward 2500 SAT for a bullish run, but the latest price increase is quite promising for any buyers in the market.

xrpbtc-may22
XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

Beyond 2200 SAT resistance is located at 2300 SAT, 2360 SAT, and 2400 SAT. This is followed by added resistance at 2455 SAT.

On the other side, the first level of support lies at 2100 SAT. If the sellers push beneath 2070 SAT, more demand can be found at 2050 SAT, 2022 SAT, and 2000 SAT.

The RSI has managed to return toward the 50 line for the first time in May 2020. If it can continue to break above 50, this will indicate that the bulls are in control of the market momentum and XRP should continue higher.

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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.

(Excerpt) Read more Here | 2020-05-22 12:18:50
Image credit: source

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