XRP Boosts By 15% In A Day As A Deadly 30% Correction Awaits

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  • XRP/USD soared past the $0.1810 mark, registering a superficial 15% increase in the past 24 hours.
  • However, the price looks set for a short term correction to $0.1730, as a contracting bullish triangle forms on the short term charts.
  • Is a deadly correction in sight?

Over the past few hours, the price of XRP relative to the dollar has been on a spike hitting an intraday high of $0.1815 signaling a possible end to the wild bearish market in the past month. After crossing the key resistance point at $0.1620, XRP bulls look set to push the price towards the $0.2000 mark. But is a deadly correction in line?

XRP/USD rallies over 15% in a day

The crypto market has suffered over the past month as the world continues its fight against the novel coronavirus (COVID-19). XRP in particular dipped to the pre-2017 level, setting a low of $0.11600 on Black Thursday as investors moved towards cash in the rush of getting supplies during the “almost” global quarantine time.

Since hitting rock bottom, the price has steadily increased and at the close of the markets, two weeks later, the price set a projected bullish trend after gaining over 15% in a day. Currently, XRP/USD trades at $0.17400 following a breach above the $0.1650 and $0.1700 resistance levels. Could this signal the end of a long-standing bearish trend on XRP?

Image: Coinstats

XRP bulls soared above the resistance provided by the 100-day simple moving average and currently sits comfortably above this key level. A breach above the $0.18800 key level will undo the “Black Thursday” losses giving a very bullish signal of a push past the $0.2000 mark.

Deadly correction on the horizon?

However, a contracting bullish wedge on the price gives a doom signal on the XRP/USD pair. A continuing dip towards the $0.16900 and $0.16400 support levels could start a downside correction on the token. Currently the RSI on the 4-hour charts is oscillating from the overbought levels with a downward projection.

Image: TradingView

Bulls will need to fight off the possibility of dipping below the major resistance at $0.1600 in the next few days to avoid a capitulation towards the $0.1200 level.

Summary

XRP Boosts By 15% In A Day As A Deadly 30% Correction Awaits

Article Name

XRP Boosts By 15% In A Day As A Deadly 30% Correction Awaits

Description

Over the past few hours, the price of XRP relative to the dollar has been on a spike hitting an intraday high of $0.1815 signaling a possible end to the wild bearish market in the past month. After crossing the key resistance point at $0.1620, XRP bulls look set to push the price towards the $0.2000 mark. But is a deadly correction in line?

Author

Lujan Odera

Publisher Name

Coingape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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