Ripple Price Analysis: Can XRP Break the Supply Level at $0.30?

Key Highlights

  • XRP/USD market consolidates below the $0.30 supply zone for about a couple of days.
  • The XRP price now experiences a pit stop between $0.30 and $0.20 lines.
  • Either a breakout or a reversal at $0.30 mark will signify a clear-cut move of the XRP market.

Major supply zones: $0.35, $0.40, $0.45
Major demand zones: $0.20, $0.15, $0.10

Ripple (XRP) Price Analysis February 9, 2020

About December 18 last year, XRP has been on a relative increase against the market valuation of the US dollar. The crypto was previously trading a bit below the immediate demand zone at $0.20 point. After a long series of a slow upward-moving spree, it is now trading closer below the $0.30 price line. The market has been converging very closer to the point earlier mentioned over a couple of trading days.

In the meantime, $0.25 price remains the wary point that the bears will have to breach southward to suggest a potential return of a decline move in this crypto trade. However, a reversal at that point could give way to an upswing above the $0.30 market value.

Ripple Technical Indicators Reading

The XRP market’s worth has been about some days ranging above its the 14-day and the 50-day SMAs since the smaller indicator crossed the bigger northward on Jan. 14 until now. Being as it is, the crypto may continue to trade in the form of range outlook between the market lines of $0.25 and $0.30 in the next sessions as long as volatile move occurs.

A breakdown of the 14-day SMA may lead the crypto value toward approaching its previous low point around $0.20 mark. The Stochastic Oscillators are now consolidating around range 80. That denotes that the market is now facing a consolidation move. At this point, traders need to exercise some degree of patience.

Conclusion

The interception of the 50-day SMA indicator by the 14-day SMA northwardly indicates that the bulls have been in the control of the XRP market to a visible extent. But, currently, the market is in a consolidation moving outlook a bit below the. If the bulls fail to push past the $0.30 point, there will be a possibility that the crypto will trade at a low point of its bigger SMA indicator.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

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