The mixed data around further coronavirus aid, rising COVID-19 cases, the potential for a contested U.S. election implies that risk assets such as Ripple XRP and crypto assets are likely to be sold off if the stock markets slide further. After three days upside move bulls pause XRP/USD upside traction under $0.25. XRP appears to face exhaustion after rejection at mid 0.24 levels. Ripple’s XRP token goes into the typically low-volume grinding against the $0.24 level of support. The Ripple XRP price is currently at $0.2397 and has slid over 0.50% in 24 hours. After periods in which the Altcoin segment had flown up, XRP did struggle to keep growth steady and held on to its significant market share with a recent market capitalization of $10.83 billion. Ripple’s launch of its non-profit organization XRP Ledger Foundation has reinvigorated XRP prices, giving the token a chance to retake critical support levels. The XRP Ledger Foundation aims to improve different areas such as governance, amendments to the core code, and the list of validators to create a dynamic ecosystem that encourages growth and innovation.
*Ripple’s XRP token goes into the typically low-volume grinding against the $0.24 level of support
*After three days upside move bulls pause XRP/USD upside traction under $0.25
*Ripple’s launch of its non-profit organization XRP Ledger Foundation has reinvigorated XRP prices, giving the token a chance to retake critical support levels
Key Levels
Resistance Levels: $0.2700, $0.2600, $0.2500
Support Levels: $0.2300, $0.2200, $0.2120
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
The price pulled back from just below the $0.25 level in today’s trading so far but remained well supported above the 23.6% retracement level of the latest corrective move higher from multi-month lows of $0.2201 reached last Thursday. Amid these analyses, the bulls are trying hard to regain ground above the horizontal support line of $0.24 level.
A fresh advance could be fuelled above the latter, as the fierce resistance at $0.25 will be back on the buyers’ radars. The daily Relative Strength Index (RSI) has turned south, currently at 45, and still holds beneath the midline. The main technical formation suggesting more scope to the upside is the ascending trendline support from March 2020.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the 4-hour time frame, the XRP/USD pair is currently trading at the price level of $0.2397 and remains above the ascending trendline from March lows. The loss of this support would signal the end of the trend and a possible test of the $0.20 level. XRP/USD bulls now need to stay beyond the $0.24 level to encourage further technical buying.
Failure to reclaim the $0.24 level could provoke another downside attack towards the 4 hour MA 50 support barrier at $0.2357.The XRP/USD pair is only bullish while trading above the $0.25 level, key resistance is found at the $0.26 and the $0.27 levels. If the XRP/USD pair trades below the $0.24, sellers may test the $0.2357 and $0.2300 support levels.
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