The XRP saw a 1.6% price increase in the past 24 hours as the currency traded at$0.282. The gains are being largely attributed to bitcoin which just climbed past $10,000 while XRP slightly fell. The world #3 cryptocurrency trades at a $12.37 billion market cap.
Ripple faced strong resistance on the upper boundary of the ascending price channel and at $0.289. This, however, didn’t stop XRP from remaining strongly supported at $0.277. To break higher, ripple will have to break from its current position.
In the event the price falls beneath $0.26 at the 200-day EMA, the market would remain neutral. But if it falls further beneath the lower boundary ascending line, we might witness a bearish turn.
Short Term Price Prediction
Pushing beneath $0.275 would put support at $0.265 and $0.26 at the 200-day EMA. Additional support could be found beneath this, at $0.245 and $0.235.
On the other hand, if bulls break $0.289 and its upper boundary of the ascending price channel, then it would meet the first strong resistance at $0.30. Further above this is a higher resistance at $0.31 and $0.317.
Stochastic RSI indicated a bearish crossover signal. It should send the market lower if it drops lower.
XRP/BTC; Will Bears Drop Lower?
When put against BTC, XRP rolled over from 3000 SAT resistance levels and fell. It further dropped beneath support at 2900 SAT and the 100 DAYS EMA to 2800 SAT levels.
The world #3 still trades above the 2020 opening price. But if it continues to drop, it might head to 2525 SAT.
A failure to breach 3000 SAT and the consequential drop beneath 100 days EMA could lead XRP into a neutral trading standing. Therefore, for bullish results, XRP will need to break the 3000 SAT resistance.
In the event, sellers break beneath 2800, SAT support stands at 2710 SAT. Further below would is an additional support at 2600 SAT and 2525 SAT. Beneath this point is a bearish ripple market against bitcoin.
On the optimistic side, if bulls rebound at 2710, they will be met by resistance at 2800 SATs, 2850 and 2900 SATs. 3000 SAT region will provide more additional resistance from there henceforth.
The RSI fell lower from the overbought conditions as it approached the 50 levels. It is an indication of fading bullish conditions. A drop beneath would only worsen the conditions as the bear markets take control. Stochastic RSI confirmed fading bullish pressures upon witnessing a bearish crossover signal and after XRP failed to break 3000 SAT.