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Ripple Price Prediction: XRP/USD Pushes Higher but $0.300 Might Be Too Much

XRP Price Prediction – February 5

Ripple (XRP) is pushing higher and the bulls look firmly in control but there looks to be decent volume behind the move and the RSI (14) has moved into the overbought zone.

XRP/USD Market

Key Levels:

Resistance levels: $0.300, $0.310, $0.320

Support levels: $0.240, $0.230, $0.220

XRPUSD – Daily Chart

Today, the price of XRP/USD has jumped from $0.265 to the area above $0.280 in a matter of hours and touched an intraday high at $0.282. While the coin has retreated to $0.278 at the time of writing, the pair retains bullish momentum. In the short term, XRP/USD has gained more than 4.62% in the last 24 hours and currently, one of the best-performing coins out of the top 10.

Meanwhile, due to a strong upside movement of the coin, Ripple’s XRP broke free from the recent downtrend some weeks ago and tested the highest level since November 6, 2019. The 21 periods EMA at $0.241 now serve as strong support for the coin. If it is broken, the sell-off may be extended to $0.140.

Currently, the price of the coin is changing hands at $0.278 level and the bulls are still following the uptrend. If the price moves below the lower boundary of the channel, the coin may visit the support level of $0.240, $0.230 and $0.220. Moreover, the RSI (14) moves into the overbought condition, which could give more bullish signals as further movement may take the market to the nearest resistance levels of $0.300, $0.310 and $0.320 respectively.

When compared with BTC, the coin is consolidating within the channel, trading above the 21 and 50 periods EMA at 2891 SAT. Although, the bulls are making effort to push the price across the channel, should in case they succeed, the bullish continuation may take the price to the resistance levels of 3200 SAT and 3300 SAT respectively.

XRPBTC – Daily Chart

Furthermore, looking at the daily chart, if the buyers failed to hold the price, the coin may likely fall below the 21 periods EMA and 50 periods EMA; further dropping could bring it towards the lower boundary of the channel to meet the nearest support levels of 2600 SAT and 2500 SAT. The stochastic RSI moves into the overbought zone.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.