XRP Price Prediction – XRP Forms Strong Support and It Is About to See a Major Surge – September 9th, 2020

XRP2
  • Ripple XRP is showing some breakout signs
  • Ripple XRP forms a strong support base after testing a new monthly low
  • XRP needs to break over its immediate hurdle for more upside moves

XRP Price Prediction – The native token of the Ripple network – XRP – has been in the red over the past day. The digital currency has been forming a strong support base close to the $0.2295 mark against the USD. The price of the digital currency is showing some breakout signs and it looks sets to start a significant wave over $0.2450.

XRP Price Prediction – Ripple XRP Forms Strong Support Base

This past week has not been friendly with the majority of digital currencies on the market. Bitcoin (BTC), Ethereum, and XRP (XRP) saw heavy, sharp declines below major support levels. The bearish wave also affected other top altcoins on the market, with some losing as much as 30 percent of their value. The price of XRP even broke below the $0.2550 support mark and settled well beneath the 100 simple moving average (4H). XRP even formed a new monthly low close to $0.2297, and the altcoin appears to be forming a nice support base close to the $0.2300 and $0.2295 marks.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.245
1.56%

Recently, there was a positive price action and the price of the digital currency surged over the $0.2310 key level. There was also a break over a key bearish trendline with a hurdle close to $0.2450 on the 4-hour chart of the XRP/USD trading pair. The digital currency is now trading close to the $0.2450 hurdle point, which is just below the 23.6 percent Fibonacci retracement level of the previous swing from the high of $0.3043 to the low of $0.2297.

If the digital currency successfully breaks over the $0.2450 hurdle point, chances are it could see a sharp upside move in the near term. On the upside, the next key hurdle for the digital currency is close to the $0.2550 and $0.2570 marks. A break over those levels could pave the way for more gains towards the $0.2670 hurdle point, which is close to the 50 percent Fibonacci retracement level of the previous swing from high of $0.3043 to the low of $0.2297.

XRP Price Prediction 2020 – Can the Bulls Prevent Further Declines?

If the digital currency fails to break over the $0.2450 and $0.2480 hurdle points, chances are it could start a fresh downtrend. If that happens, the immediate support of the digital currency is close to the trendline and $0.2350. However, the major support is close to the $0.2300 and $0.2295 marks, below which the price could invalidate the recent breakout pattern. A break below those levels could push the price of the digital currency towards the $0.22 support level.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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