XRP / USD – Bulls break USD 1 for the first time since March 2018
Important support levels: $ 0.9, $ 0.828, $ 0.75.
Important resistance levels: $ 1.00, $ 1.10, $ 1.14.
XRP has seen impressive growth in the past few days as it broke above $ 1 for the first time since March 2018 after a 65% weekly surge. The cryptocurrency surged above a rising bullish wedge earlier in the week and exploded higher on Monday, hitting $ 0.8.
Buyers kept going and hit up to $ 1.14. Specifically, they encountered resistance at USD 1.10 (1.618 Fib Extension) and failed to close a daily candle above that level. From there it fell lower yesterday to find support at USD 0.9 (0.382 Fib).
It has since rebounded from $ 0.9 today and is trading at $ 0.95.
XRP / USD Daily Chart. Source: TradingView
XRP-USD Short Term Price Prediction
Looking ahead, the initial resistance is at $ 1.00. This is followed by USD 1.10 (1.618 Fib Extension), USD 1.14 and USD 1.25 (highs from February 2018). The additional resistance is at $ 1.30 (1.272 Fib), $ 1.35, and $ 1.39 (1.414 Fib Extension).
On the flip side, initial support is at USD 0.9 (0.382 Fib). This is followed by $ 0.828 (highs 2020 & 0.5 Fib), $ 0.75 (0.618 Fib) and $ 0.7.
The RSI is well on the uptrend and had fallen from the extremely overbought conditions allowing the bulls to push back up before they were exhausted.
XRP / BTC bulls hit lows in July 2020
Important support levels: 1550 SAT, 1400 SAT, 1345 SAT.
Important resistance levels: 1900 SAT, 2000 SAT, 2200 SAT.
XRP also performs remarkably well against Bitcoin. The cryptocurrency started the week with a break above an ascending triangle pattern. On Monday, the coin rose as high as the November 2020 lows at 1550 SAT and rose to 1900 SAT by Tuesday (July 2020 low).
It was unable to close a daily candle above 1900 SAT and went down from there yesterday to hit 1550 SAT support. It has since recovered from there and is traded around 1670 SAT.
XRP / BTC daily chart. Source: TradingView
XRP-BTC Short Term Price Prediction
Looking ahead, the first resistance is at 1900 SAT (July 2020 low). This is followed by 2000 SAT (bearish .382 Fib), 2200 SAT (1.272 Fib Extension), 2342 SAT (1.414 Fib Extension) and 2450 SAT (bearish .5 Fib).
On the flip side, the initial support is at 1550 SAT (November 2020 low). This is followed by 1400 SAT (0.5 Fib), 1345 SAT, 1285 SAT (0.618 Fib) and 1200 SAT (low from December 2017).
Likewise, the RSI has pulled back from the extremely overbought conditions seen earlier in the week. This gives the cops room to move back up before they are exhausted again.
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