Ripple technical analysis: XRP reclaims USD 1 after a gain of 14% on the day

XRP was up 14% today as buyers battled to reclaim $ 1. On the Bitcoin pair, XRP broke the resistance at 2660 SAT and hit the 20-day MA at 2772 SAT.

XRP / USD – Bulls struggle to reclaim 1 Re

• Major support levels: $ 0.9, $ 0.8282, $ 0.75.
• Major Resistance Levels: $ 1.05, $ 1.12, $ 1.25.

XRP is up 14% today as the bulls struggle to get back to the $ 1 level, falling below that level last weekend and continuing to slide below the 100-day MA at $ 0.95.

The cryptocurrency continued to decline until it found support at $ 0.8282 on Saturday. The price bounced back from there and bounced back above $ 0.9 today. That move equates to a 14% gain and allows XRP to climb back above the 100-day MA as it looks like it will regain the $ 1 level.

XRP / USD daily chart | Source: TradingView

XRP / USD Short Term Forecast

When the bulls break above $ 1, initial resistance is at $ 1.05 (Fib 0.382 of recent decline). This is followed by $ 1.12 (20-day MA), $ 1.25 (February 2018 high), and $ 1.33 (0.618 Fib and 50-day MA).

On the flip side, the initial support is at $ 0.9. This is followed by $ 0.8282, $ 0.75 (Fib 0.786) and $ 0.69 (200-day MA).

The RSI has returned to the center line showing indecision in the market. In order for XRP to regain and hold $ 1.00, the RSI needs to break above the 50 line to stimulate upward momentum.

XRP / BTC – bulls break strong resistance

• Main support levels: 2660 SAT, 2400 SAT, 2260 SAT.
• Important resistance levels: 2772 SAT, 2863 SAT, 3000 SAT.

XRP broke resistance at 2662 SAT (Fib 0.382 of recent decline) which prevented the market rally last week. It reversed from that level last Wednesday and started falling as the price fell below the 50-day MA.

Over the weekend, XRP found support at 2400 SAT and recovered from there. Today a move higher has allowed the resistance at 2662 SAT to rise above the 50-day MA and to hit the resistance at 2772 SAT (20-day MA).

XRP / BT daily chart | Source: TradingView

XRP / BTC Short Term Forecast

Looking ahead, the first resistance is at 2772 SAT (20-day MA). Above this level, the next resistance is at 2863 SAT (Fib 0.5 down), 3000 SAT (Fib 0.618 down) and 3362 SAT (February 2020 high).

On the other hand, the first support is at 2660 SAT (50-day MA). This is followed by 2400 SAT, 2260 SAT (Fib 0.786) and 2000 SAT.

The RSI has broken out above the midline indicating that the bulls are controlling the momentum of the market. This is the first time since the share price fell last week.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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