- XRP Falls Back to the $0.23 Level Again After Facing Rejection at $0.25
- A Fall Below the Support at $0.23 Will Lead to Lower Lows Near-term
XRP Price Prediction 2020 – the price of the XRP token is as it again. The token was rising higher against the USD last week but it has taken a violent turn downward after facing rejection at the $0.25 level. The rise above the $0.25 level has become a difficult task for XRP. While the token has been rising and falling in correlation with Bitcoin, it tends to fall more than it rises. When Bitcoin BTC moved above the $12k level last week, XRP only managed to test the $0.26 level but failed to move above the resistance at $0.2620 which prevented it from testing $0.27.
XRP Price Prediction 2020 – XRP Falls Back to the $0.23 Level
At the time of writing, the price of the Ripple XRP token was $0.238038. The token is down by 4.54% against the USD and down by 1.55% against Bitcoin BTC. The trading volume over a 24 hour period was $2,317,159,478 and the market capitalization was $10,721,776,708. The token is falling in line with Bitcoin BTC which is hovering above $10400 indicating a significant decline from its $12k plus level last week.
From the technical indicators, the XRP token is displaying mixed signals when compared to the current price action. Even as the token trades in red, the MACD is moving to the bullish territory. However, the relative strength index is in the bearish territory. The good news is that it is gaining momentum to move above the 50 level. The XRP token has formed support at $2320. The bulls must hold the line above this level to prevent lower lows near-term. Uphill, the XRP token has formed resistance at $0.2480. A rise above this level will take the token higher to $0.2500 and eventually to the crucial resistance at $0.2550.
Ripple News Today – Ripple Gets Thumbs Up From The World Economic Forum
XRP needs bullish pressure but the token is not making much progress despite the good news and progress Ripple has been making in the financial industry. In our Ripple News Today, we announced that an executive from the World Economic Forum was invited to offer a keynote address in the upcoming Ripple Swell conference. In a statement that was released today, the executive noted that cryptocurrencies have a significant role to play in the future of technology. Cryptocurrencies were referred to as investment vehicles and there is no vehicle in the blockchain industry that is as efficient as a financial instrument as Ripple. This isn’t the first time Ripple is being mentioned by a reigning financial institution and its not going to be the last.
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.
