XRP/USD – Bulls Trade Sideways After Triangle Break
Key Support Levels: $0.25, $0.245, $0.237.
Key Resistance Levels: $0.261, $0.271, $0.28..
Last week, XRP managed to break free from a symmetrical triangle pattern but has since moved sideways since the breakout. The coin seems to remain supported at the $0.25 level but struggles to break the resistance around $0.261 (bearish .5 Fib Retracement).
To turn bullish, XRP would need to close a daily candle above the $0.261 level to show that the buyers are ready to push higher toward $0.28.
XRP-USD Short Term Price Prediction
Looking ahead, if the buyers rebound from $0.25 and penetrate above the $0.261 level (bearish .5 Fib), higher resistance lies at $0.271 (bearish .618 FIb), $0.28 (1.414 Fib Extension), and $0.286 (bearish .786 Fib).
On the other side, if the sellers push beneath the current $0.25 support, additional support lies at $0.245 (100-days EMA), $0.237 (200-days EMA), and $0.228 (.618 Fib Retracement).
The volume looks like it is dropping, and the Stochastic RSI produced a bearish crossover signal in overbought territory, which is a strong selling signal when combined with the falling volume.
XRP/BTC – XRP Struggling Beneath 2000 SAT.
Key Support Levels: 1915 SAT, 1900 SAT, 1865 SAT.
Key Resistance Levels: 1960 SAT, 2000 SAT, 2035 SAT.
Last week, XRP penetrated beneath the 2000 SAT level. It continued to struggle over the weekend as it broke the support at 1960 SAT. Today, after a brief push toward 2000 SAT, the sellers emerged and pushed XRP back into the October lows at 1915 SAT – provided by a downside 1.618 Fib Extension.
XRP is in a tricky position right now against Bitcoin. If the sellers penetrate beneath 1900 SAT XRP would set fresh 2020 lows for XRP/BTC.
XRP-BTC Short Term Price Prediction
Looking ahead, if the sellers break 1915 SAT, the first level of support lies at 1900 SAT – which is the July 2020 low. Beneath this, support lies at 1865 SAT, 1800 SAT, and 1780 SAT.
On the other side, the first level of resistance lies at 1960 SAT. This is followed by resistance at 2000 SAT, 2035 SAT, and 2100 SAT.
Both the RSI and Stochastic RSI’s are in extremely oversold conditions, suggesting that the selling pressure should end soon as the bears seem to be overextended.
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