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Ripple Price Analysis: XRP Struggling To Stay Above $0.2, What’s Next?

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Summary
XRP suffered a rough week as the price dropped by 12%. During the past 24 hours, however, it marked a slight increase of almost 2% and reached its current level at $0.222.
The cryptocurrency has been trapped within a wide range between 3324 SAT and 3000 SAT against BTC in November 2019.
It may be able to climb higher as the technical indicators start to flatten out in oversold conditions.
Key Support & Resistance Levels
XRP/USD

Support: $0.215, $0.200, $0.185

Resistance: $0.2345, $0.252, $0.270

XRP/BTC:

Support: 3000 SAT, 2900 SAT, 2853 SAT

Resistance: 3200 SAT, 3325 SAT, 3500 SAT

XRP/USD: XRP Attempts To Rebound From $0.215 Support
xrpusd-dec3

The daily chart above shows XRP bouncing from the strong support at $0.215 over the past three days. Like the majority of the altcoin market, XRP had suffered heavily in November after dropping by a total of 25% to create a multi-year low, not seen since December 2017.

Nevertheless, the support at $0.215 looks to be strong, and we wait to see if XRP will start to rebound higher from here.

XRP Short Term Price Prediction
If the bulls do start to push higher, an initial resistance is expected at the $0.2345 level, which had provided strong support for the market during September 2019. Above this, resistance lies at $0.252, which is the September 2018 price low. Beyond $0.252, resistance can be found at $0.281, where lies the 100-days EMA.

Alternatively, if the sellers regroup and push lower, we can expect immediate strong support at $0.215. Beneath this, support

lies at $0.200 and $0.185.

The RSI has recently turned upward, which is a sign that the selling momentum may be starting to fade. Furthermore, the Stochastic RSI has been in extremely oversold conditions for the entire period of November. It is beginning to shape up for a bullish crossover signal, which should certainly help this coin rebound higher.

XRP/BTC: XRP Holding Strong At 3000 SAT
xrpbtc-dec3

Against BTC, XRP did fall lower after our last analysis. However, strong support was found at the expected level of 2852 SAT. This allowed XRP to rebound sharply and rise back above the 3000 SAT support level.

XRP Short Term Price Prediction
If the sellers start to pressure the market beneath the 3000 SAT support level, we can expect immediate support toward the downside to be located at 2900 SAT (.618 Fib Retracement). Beneath this, support is expected at 2853 SAT and 2752 SAT.

Alternatively, if the buyers can start pushing higher above the support at 3000 SAT, we can expect immediate resistance to be located at 3200 SAT and 3325 SAT. Beyond 3325 SAT, resistance is located at 3500 SAT.

The Stochastic RSI has recently produced a bullish crossover signal, which could result in XRP rising higher against BTC if the moving averages for the indicator can start to expand away from each other.

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Latest News and Top Headline for Ripple XRP

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  • Ripple seals partnership deal with Bitkub of Thailand
  • Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

The San-Francisco based cross-border payment company Ripple has closed several partnerships in its bid to serve as a major solution to cross-border payment issues in partnership with banks and financial institutions globally. Recently, it was revealed that Ripple has sealed yet another partnership deal with a prominent Thailand exchange, Bitkub to create ways for better XRP transactions across borders.

XRP (XRP) Price Today – XRP / USD

#NamePrice
3XRP(XRP)$0.2333

Speaking on the Partnership in a recent interview, the CEO of Bitkub, Topp Jirayut, affirmed the partnership between both companies. Notably, Ripple’s On-Demand Liquidity (ODL) mainly necessitates that the cryptocurrency exchange BitKub to accept fiat currencies from banks and financial institutions. The same amount received by any financial institutions will be sent to the corresponding exchange in XRP. after that, the money in XRP will be exchanged back to fiat currency.

Going further, Jiraynut went thus: “Ripple is one of the key players for banks to realize significant benefits. Ripple is to establish an institutional, cross-border payment with Ripple XRP, an open source for access and participation in the public sector of XRP cash flow – a stand-alone digital currency used to facilitate transactions on the Ripple network.”

While restating the

goal of the exchange, he stated, “We are on a mission of humanizing blockchain experience, where people will inherently utilize cryptocurrency as a transaction protocol on the back end to receive, as well as transfer money, at a fraction of the cost across the globe. Within early next year, global money remittance at a much cheaper rate would be feasible.”

Jirayut also hinted that the Bitkub will join the RippleNet program. With the chains of the partnership up Ripple’s sleeve, not all banks and financial institutions in partnership with Ripple pledged to utilize its digital asset XRP. Alongside the recent partnership with Bitkub, Ripple is in partnership with other exchanges like Bittrex, Bitrue, Bitstamp, and Bitso.

Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

In the last 24 hours, Ripple XRP bulls have attempted resistance at the $0.24 level but were denied. Ripple XRP found support at $0.23, in the first attempt, the XRP bulls were rejected but XRP price declined to the low of $0.22. if XRP bulls break the $0.24 resistance level, Ripple XRP will increase and attain the $0.30 and $0.31 price levels.

XRP Price Prediction – Ripple XRP Price Prediction

However, Ripple XRP price is unstable below the resistance but above the $0.23 support. Sadly, if the bulls break the $0.23 support level, the XRP price will decline to a low of $0.22. Moreover, a break of $0.24 will indicate the continuation of an uptrend.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price

action is primarily dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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Ripple

Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

Published

on

The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price action is primarily

dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

News Source

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