XRP Analysis: XRP soars sharply after testing the support level of $0.24

XRP Price on the daily chart is recovering
  • XRP jumps after testing its first support level of $0.2400; bulls become active after the test of the first support level
  • The XRP/BTC pair is trading at 0.000008522 BTC with intraday loss of -1.84% 

XRP Price bounced after attending its first strong support level of $0.2400, and it is currently trading at $0.2700 which dropped over -5.29% in the last 24-hour. XRP looks bullish above the level of $0.24 as it bounced from the level. The support on the lower levels is placed at $0.24 and $0.18 respectively, while on the higher side resistance is placed at $0.32 and $0.38 is acting as a strong resistance level. The levels which can be expected in the upcoming trading sessions after breaking the resistances are $0.40 and $0.44 while $0.49 can be considered a long term target. Currently, XRP is trading under the significant moving averages of 20,50,100 and 200-Day. 

XRP Price on the daily chart is recovering from the lower levels and now trading on the bullish note. The coin drops sharply with the overall bearish momentum in the global crypto markets. However, it successfully holds the major levels of $0.26 on the daily chart. The daily chart support is placed at $0.26, and $0.24 can be considered strong support. Similarly, the resistance is situated at $0.28, and $0.30 is a strong hurdle for the short term. The volume recorded is $5,039,599,970 which gains over +22.84% in the last 24-hour and the market capitalization stands at $12,458,401,524 with intraday loss of -2.81%. 

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Relative Strength Index (Bullish) indicates a bullish momentum while trading at 43.67. It is currently heading towards the overbought region after recovering from the oversold region. 

Moving Average Convergence Divergence (Bearish) currently indicates a Bearish trend on the daily chart as it gives a negative crossover with the significance of overselling line (red) over buying signal line (green). However, a positive crossover is expected as both the lines head closer to each other. 

Support levels: $0.24 and $0.18 

Resistance levels: $0.32 and $0.38  

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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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