XRP Price Prediction 2020 – XRP Breaks Key Resistance But the Bulls Aren’t Back Yet – October 23rd, 2020

  • Ripple XRP Has Broken Above a Key Support Level But the Bears Aren’t Ready to Leave the Market Yet
  • Ripple XRP Must Rise to Remain Above the 100 Day Moving Average if it is to Move Above the $0.30 Level 

XRP Price Prediction 2020 – This morning, the XRP token started the day bullish against the USD with a rise above the key resistance at the $0.263 level for the first time in weeks. Shortly after moving above this level, the bears showed up again pushing the XRP token back below the $0.2600 support. If the token is to test August highs of $0.3000, it must remain above the 100-day moving average. Keep in mind that XRP’s brief bullish rally was nothing compared to Bitcoin’s. The Bitcoin BTC token still outperformed XRP even if the token was able to move above the $0.263 level.

XRP Price Prediction 2020 – XRP Remains Bearish Despite Brief Bullish Rally

At the time of writing, the price of the Ripple XRP token was $0.257540. This shows that it was down by 1.04% against the USD and down by 0.89% against Bitcoin BTC. The trading volume over a 24 hour period was $2,606,968,650 and the market capitalization was $11,653,201,017. The tokens intraday high was at $0.263 but the token faced rejection at this level and moved lower. Meanwhile, the XRP token is being outperformed by Bitcoin BTC which is currently trading at $12,695.08. It was down by 0.28% against the USD with a trading volume of $35,253,264,788 and a market capitalization of $239,970,369,885.

The bears will continue to dominate the market until the XRP token retest August highs of $0.33. This also happened to be the yearly high of the token. The rejection at this level was intense and the token’s inability to retest this level isn’t good near-term or even long-term. The bulls must gather the momentum required to break the ascending triangle pattern that has stopped the token from moving higher near-term. According to the XRP price analysis on Coinjournal, the price of XRP will regain the bullish momentum if it holds the line above the 100 level simple moving average.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.528
-18.38%

The XRP token has formed strong support at the $0.251 level. If the bulls don’t drag it higher near-term, it will fall to the next support at $0.246 and eventually $0.245. Now, the most crucial resistance is at $0.263. The relative strength index and the MACD show that the bulls have not lost control of the market. Bitcoin has set sights at $13,500. The next major Bitcoin bull rally will take the token toward that level. Hopefully, Bitcoin will share some of its glory with XRP and it will be able to test the yearly high.

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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