XRP Price Prediction – XRP Needs to Hold Gains Over 100-SMA to Prevent Another Major Price Crash – September 12th, 2020

  • XRP is trading in the green after a nice upward move
  • XRP bulls need to hold gains over the 100 hourly simple moving average to prevent a major setback
  • XRP needs more bullish traction to break over its immediate hurdle point

XRP Price Prediction – XRP recently failed to break over the $0.2500 hurdle point and it started correcting lower against the USD. However, the digital currency needs to hold gains over the $0.2380 mark and the 100 hourly simple moving average to start a fresh rally.

XRP Price Prediction 2020 – XRP Price Recovers Slightly but Still Needs to Do More

After a nice upward move over the $0.2350 mark, the fourth-largest digital currency by market cap encountered stiff hurdles close to the $0.2380 mark. The price of the digital currency surged to as high as $0.2485 and it recently began a downward move. On its way down, it broke below the $0.2450 and $0.2420.

The digital currency even broke the 50 percent Fibonacci retracement level of the previous swing from the low of $0.2310 to the high of $0.2485. Nevertheless, there was a break below a key rising channel with a hurdle close to $0.2430 on the one-chart of the XRP/USD trading pair. The digital currency is now trading close to the $0.2380 support mark and the 100 hourly simple moving average.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.245
1.56%

The 61.8 percent Fibonacci retracement level of the previous swing from the low of $0.2310 to the high of $0.2485 is close to the $0.2380 mark. Provided the price of the digital currency remains over the $0.2380 support mark, it could begin a fresh upside move.

On the upside, the immediate hurdle for the digital currency is close to the $0.2420 mark. However, the first key hurdle point is close to the $0.2450 mark, over which the bulls might push the price towards the high of $0.2485. Any break over that level could pave the way for more gains towards the $0.2550 hurdle point. XRP is currently trading in the green, and chances are it could continue its upward move in the near term.

XRP News Today – XRP Bulls Need to Hold the 100 SMA to Prevent a Break

If the bulls fail to hold prices over the $0.2380 support mark and the 100 hourly simple moving average, chances are it could start a fresh downtrend. On the downside, the major support for the digital currency is close to the $0.2350 mark. A break below that support level could pave the way for more declines. If that happens, the price of the digital currency is likely to return to the $0.2300 support mark. A break below that level could be deadly, as the bears might have more traction to push prices toward the $0.2250 and $0.2200 marks in the coming sessions.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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