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Ripple (XRP) Is Closing In on a Vital Resistance level

October 22, 2020


Talking Points:

  • XRP is trading at 0.252 USD after a 4.5% price rise over the last 24 hours.
  • Like many cryptocurrencies, the token saw a price hike following Paypal’s announcement about its move into crypto.

It looked like XRP had been left behind as Bitcoin kept moving towards the 12,000 USD mark and above. However, over the last 24 hours, the token has climbed from 0.242 USD to a high of $0.252. More importantly, it appears that the price is near a vital resistance level.

If XRP Can Breakthrough This Level, It Could Climb by 15%.

XRP appears to have formed a rising triangle on the daily chart and the price is near the upper point. Bulls have already broken the 50-day simple moving average (SMA) level on the daily chart, transforming the moving average into a support level.

XRP/USD Daily Chart.

Chart created using https://www.tradingview.com/

The 100-day SMA is the next target for bulls as they hope to close over it. The MACD is almost at the point of turning bullish again as XRP closes in on the vital resistance level at 0.26 USD. A breakout over this level could easily push the price of the token up towards 0.3 USD.

XRP/USD 4 Hour Chart.

Chart created using https://www.tradingview.com/

On the 4-hour chart, XRP has climbed over the 200-day SMA, 100-day SMA, and 50-day SMA, transforming them all into support levels. The MACD continued to remain bullish following the re-test of the lower level on the 16th of October. There are no resistance levels until the upper trendline at 0.26 USD.

XRP/USD 12 Hour Chart.

Chart created using https://www.tradingview.com/

On the flip side, the 12-hour chart indicates a strong resistance level at 0.255 USD where the 200-day SMA stands. Up until now the price has been rejected from this level and might turn the MACD bearish once more. The next target for the bears would be where the 100-day SMA and the 50-day SMA coincide at 0.245 USD.

Vital Price Levels to Watch.

A bullish breakout over the upper level of the rising triangle pattern formed on the daily chart at 0.26 USD could push XRP up towards 0.3 USD. On the other hand, a rejection from the 200-day SMA on the 12-hour chart might drive the token down to 0.245 USD.