- Ripple XRP Started Gaining Momentum Yesterday as it Moved Above the $0.22 level in the Wake of the Market-wide Recovery
- Unfortunately, the Bullish Rally Didn’t Last Causing the Token to Face Rejection at the $0.26 Level
XRP Price Prediction 2020 – Ripple XRP was finally able to catch a break after weeks of trading bearish against the USD. The token finally gathered some momentum as it joined in a market-wide price correction that started with Bitcoin BTC. Unfortunately, the rally was short-lived as the token faced key rejection at the $0.26 level. This rejection forced the token to move lower against the USD until it got to the $0.23 level. Will the XRP token go back to the bearish level or will it recover higher against the USD? Investors are trying hard to remain patient and stay positive but the panic selling after a brief bullish rally keeps adding bearish pressure to the token.
At the time of writing, the price of the XRP token was $0.237229. This means that it is down by 1.77% against the USD and down by 0.26% against Bitcoin BTC. The trading volume over a 24 hour period was $2,287,735,765 and the market capitalization was $10,677,955,152. The token will fall below the $0.23 support if the bulls don’t pick up the pace and increase the momentum anytime soon. While there is strong resistance at the $0.26, moving above this level isn’t going to guarantee anything for XRP. The buyers still need to take the token above the $0.28 level before we can confirm that the bulls are now in control of the market.
In the long run, there is strong resistance for XRP at $0.35, $0.40, $0.45 while there is strong support at $0.25, $0.20, $0.15. However, we shouldn’t get ahead of ourselves. The token still has a long way to go before it can even face the resistance at the $0.35. It’s important to note that XRP’s highest level this year took it as high as $0.38 where it faced resistance and started declining against the USD significantly. Last Friday, the token ticked the $0.26 level and has been in the $0.21 to $0.26 range since then.
There are three possible price directions for the XRP token. It might find stability at the current level and trend there for a few trading sessions. On the other hand, it might face more bearish momentum falling to the $0.21 support and even lower against the USD. Finally, the token might gather the bullish momentum required to achieve higher highs. If this happens, it will move to the $0.26 level, face some resistance, and drop lower. The next resistance near-term will be at $0.28 and the most important one will be at $0.32. You can determine what direction the XRP token will take by considering the price of Bitcoin BTC as it is currently carrying the entire market along. Bitcoin BTC is currently trading at $10,153.41 down by 0.99% against the USD with a trading volume of $34,814,043,059 and a market capitalization of $187,672,025,576.