Ripple Price Analysis: XRP/USD blasts to $0.20 after bouncing off support at $0.1950
|- Ripple is on the verge of another massive breakout, especially if the hurdle at $0.20 is taken down.
- A descending trendline is holding the bulls back even though the technical picture is ripe a breakout.
Ripple price is on the verge of a breakout above $0.20. As discussed earlier today, the fourth-largest cryptocurrency has made progress above the moving averages whereby the 50 SMA and the 100 SMA are now functioning as support areas marginally below $0.1975. XRP/USD price, on the other hand, has closed in on $0.20 but a descending trendline resistance is far from giving the bulls an easy pass.
All indicators highlight the great potential Ripple has. Besides, the entire cryptocurrency market is in the green following the return of volatility. XRP is currently dancing at $0.1996 after a 2.34% gain on the day. Its volatility is still expanding but due to the seller congestion at $0.20, a reversal appears to be brewing.
From a technical perspective, gains above $0.20 are very likely based on the RSI as well as the MACD. The latter has just crossed into the positive region while the RSI is holding above the average following recovery from 38. In addition, the 50 SMA is about to cross above the longer-term 100 SMA in the 2-hour range. In other words, this a bullish indicator and suggest that buyers will remain in control much longer.
XRP/USD 2-hour chart
As mentioned, the same moving averages will function as support areas slightly under $0.1950. Extended declines will also seek support at $0.1925 (weekend support) and $0.19. For now, breaking above $0.20 is the bulls’ biggest priority as it will encourage investors to return to the market, and aid in pushing the price to higher levels.
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