XRP Price Gains 40% in One Week But Can It Continue Rally to $0.50?
August 03, 2020 @ 20:51 +03:00
One of the most reliable coins in recent days has been Ripple’s XRP token as it rallied 40% in the past seven days and more than 70% from recent lows toward $0.30, as anticipated in the previous XRP technical analysis. Now that the price target got hit, let’s take a look at the charts to see where the price of XRP may be headed next.
The price of XRP did a support/resistance flip at the $0.185 on July 19, after which an apparent breakthrough of the 100-day and 200-day moving averages (MAs) occurred. This breakthrough resulted in a massive rally towards the $0.30 zone, a surge of more than 70%. Given the chart, further continuation is very unlikely for XRP next in the near term. The $0.30 area is a vital resistance zone, which likely doesn’t break in one-go, particularly after the price of XRP already saw a massive rally.
Breaking through the 100-day and 200-day MAs puts XRP/USD in bull territory and dips should be considered as buying opportunities. Also, given the massive drop on Saturday, the price of XRP tested the support level at $0.245 already, though more tests of this level aren’t out of the picture. The crucial support zones — and potential dips for buying — are found at $0.20750-0.21250 and $0.24250-0.24750. The next resistance zones after this crucial $0.30 area are found between $0.46-0.50. Likewise, the next rally for XRP will likely pause at these levels.
If the price of XRP rejects the resistance zone between 0.00002800-0.00002900 sats, the primary level to watch is the 0.00002200-0.00002400 sats area. During the first half of 2020 and throughout 2019, the price of XRP found support at the 0.00002400 sats level. Reclaiming and confirming that level for support would warrant continuation of the uptrend.
The next leg up would most likely bring the price of XRP towards 0.00003700 sats. The second scenario would be an immediate breakthrough through the 0.00002800 sats resistance zone.
Such a scenario is less likely as the price of XRP rallied towards this resistance in one-go, which usually ends up with a severe rejection. However, if a breakthrough does occur, the support/resistance flip of the 0.00002800 sats level would likely push XRP price up toward the next resistance zone at 0.00003700 sats.
XRP Price Gains 40% in One Week But Can It Continue Rally to $0.50?, CoinTelegraph, Aug 3