XRP Jumps More than +30% After Hitting Strong Support of $0.44

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  • XRP zooms over 30% after Bitcoin break previous resistance of 2017 ($19,950)
  • Currently placed successfully above all moving averages of 9, 21, 50, and 500-Day Moving Averages.
  • The pair of XRP/BTC gains over +8.14% stands at 0.00002510 BTC

XRP/USD gives a positive breakout from the falling channel after a bullish move on the 16th of November 2020. After testing the high of $0.7650 from the lower levels of $0.24, after a profit booking session, it touches the lower levels of $0.47, and the price recovery pulls it to the higher levels. Still, it started to trade in the falling channel pattern. After hitting the lower levels of $0.44, it jumps and breaks the falling channel pattern above the average volume traded in the past. The coin is trading in the range of $0.44 to $0.7860 as the month’s lows and highs. Now the chart’s support is placed at $0.51 and $0.44 after this positive breakout, where on the higher side, resistance is placed at $0.59, $0.62, and $0.77. It is currently trading above the major moving averages of 21, 50, and 200 indicating its positive strength.  

XRP, on the daily chart, is trading with positive momentum after breaking the falling channel pattern. The intraday range of XRP is $0.45 to $0.58 as the lows and high respectively over the chart. The support for the intraday chart is placed at $0.52, and the resistance is $0.59. Currently, it is trading at the price levels of $0.5640 with an intraday gain of +23.31%, supported by the volume traded in the last 24-Hours is $18,591,901,987; the total market capitalization stands at $25,712,532,468. 

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The Relative Strength Index (RSI), which indicates the strength of XRP, is trading at 61.55, and trading flat after a fall from the overbought zone. 

Moving Average Convergence Divergence (MACD) currently indicates the bearish trend on the intraday chart andgives a negative crossover with the significance of Bear’s line (red) over Bull’s line (blue) with no sign of recovery. 

Support levels: $0.51 and $0.44

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Resistance levels: $0.59, $0.62 and $0.77 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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