Bitcoin

The XRP price rises 40% in a week, but will it be able to hit $ 0.50?

Most markets are recovering as they received a strong shake over the weekend, with the price of Bitcoin (BTC) fell by $ 1,400 in minutes and fell below the $ 11,000 levelLiquidate a billion dollars in futures along the way.

However, One of the most trusted coins of the past few days has been Ripple’s XRP tokenAs it has recovered 40% and more than 70% from recent lows towards $ 0.30 in the past seven days, as expected in the previous technical XRP analysis.

After the price target is reached, let’s take a look at the charts where the XRP price goes.

The XRP price rises 40% in a week, but will it be able to hit $ 0.50?
The XRP price rises 40% in a week, but will it be able to hit $ 0.50?

Daily performance of the crypto market

Daily performance of the cryptocurrency market. Source: Coin360

XRP rebounds over 70% towards a key resistance at $ 0.30

The XRP price changed at $ 0.185 on July 19. Thereafter, there was an apparent increase in the 100-day and 200-day moving averages (MA). This increase led to a massive recovery toward the $ 0.30 zone, an increase of over 70%.

XRP / USDT 1-day chart

XRP / USDT daily chart. Source: TradingView

According to graphics XRP is highly unlikely to continue in the short term. The $ 0.30 area is an important resistance zone that is unlikely to break even, especially after the XRP price has already seen a massive rally.

Important levels to consider

Breaking the 100- and 200-day MAs puts XRP / USD in a bullish territory and falls should be seen as a buying opportunity.

Given the massive decline on Saturday, the XRP price already tested the support level at $ 0.245, although further evidence for this level is not excluded. Crucial support zones and potential declines in purchases range from $ 0.20750 to $ 0.21250 and $ 0.24250 to $ 0.24750.

The next resistance zones after this crucial range of $ 0.30 are between $ 0.46 and $ 0.50. In the same way, The next rally for XRP is likely to end at these levels.

XRP / BTC breaks the decisive resistance

XRP / BTC 1-day chart

XRP / BTC daily chart. Source: TradingView

The XRP / BTC pair has been in a downward trend for over two years and has even lost the crucial support level at 0.00002400 sats.

However, in the recent price movement, XRP has exceeded this level and is recovering towards the next resistance zone at 0.00002800 sats. Therefore, the same conclusion can be drawn from the BTC pair as from the USDT pair. In other words, it is also unlikely that the bullish pair is expected to continue bullish. A rejection is very likely to occur as the price has rebounded to this resistance level on a vertical line.

Crucial levels are the 100-day and 200-day MAs that XRP has exceeded and must now support. This also corresponds to the crucial support level at 0.00002400 Sats.

What are the scenarios for XRP / BTC?

The most likely scenario would be a correction of the Sats range of 0.00002400.

XRP / BTC 1-day chart

XRP / BTC daily chart. Source: TradingView

Such a correction would match a general correction on the cryptocurrency markets and would be considered healthy.

If the price of XRP rejects the resistance zone between 0.00002800-0.00002900 sats, the primary level to be observed is the range of 0.00002200-0.00002400 sats. During the first half of 2020 and throughout 2019, the XRP price found support at the level of 0.00002400 sat. Utilizing and confirming this level of support would guarantee the sustained upward trend.

The next stage would likely bring the XRP price to 0.00003700 sats. The second scenario would be an immediate advance through the 0.00002800 Sats resistance zone.

XRP / BTC 1-day chart

XRP / BTC daily chart. Source: TradingView

Such a scenario is less likely as the XRP price suddenly rebounded towards this resistance, which generally ends in a strong rejection.

However, if a major breakthrough occurs, the change in support / resistance from 0.00002800 sats would likely push the XRP price towards the next resistance zone at 0.00003700 sats.

The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every investment and trade movement involves risks. You need to do your own research before you make a decision.

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