Following Long Consolidation, Can XRP Retest 2020 High At $0.78?

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|b6a836a282e3f311766b7db6bad604db|

|da4d5d9ef973e0ff349e8d1a29def18b|: $0.6, $0.678, $0.78

|21be668fe5cd5d8fadf245342ec25fe8|: $0.50, $0.437, $0.33

XRP/USD. Source: TradingView

After breaking out of a crucial resistance on Wednesday, Ripple touched $0.68 and pulled back to where it’s now consolidating at $0.577. Volatility is low at the moment but it could resume its bullish momentum as soon as it finds key support. While the market remains indecisive, it has still gained 12% in the past week.

Considering the mid-week breakout, the market seems likely to go in favor of the bulls. For this to happen, though, the buying volume needs to increase a lot compared to its current levels.

|0073a903b96f439bf785636a90a58315|

As we wait for the next major movement, the important level to watch is the $0.6 resistance. This is followed by $0.678 and $0.78 resistance levels in the next few days as the latter is also the yearly high.

In the opposite direction, XRP is looking for support on the RSI 50 level and the MACD zero level. If these indicators fail to hold, there’s support at the $0.50 level. Support to watch below this is $0.437, which is inside the green demand zone. Below it lies the $.33 breakout level from November.

|a9a7ba81b25c696d54595a539def03ea|

|da4d5d9ef973e0ff349e8d1a29def18b|: 2818 SAT, 3600 SAT, 4200 SAT

|21be668fe5cd5d8fadf245342ec25fe8|: 2000 SAT, 1800 SAT, 1500 SAT

xrpbtc_chart
XRP/BTC. Source: TradingView

As Bitcoin’s price continued to increase (to a new high of $24200 yesterday), Ripple is yet to find a major rebound level after a three-week correction. The price is trading slightly above a crucial support level of 2400 SAT at the moment. While the trend remains in favor of the bears, the bulls keep struggling to step back in the market.

But looking at the market from a technical standpoint, positive actions could be anticipated if this support level can produce a rebound. If not, the third-largest coin by market cap could witness another selloff. Currently, the price is down by roughly 2% against Bitcoin.

|054590051a7f7ce51e63e10102200248|

If this coin manages to bounce back above the above support, the immediate resistance to keep in mind is 2818 SAT. After this, further resistance is found at the 3600 SAT level, followed by 4200 SAT – where it initiated the pull back last month.

However, a drop below 2400 SAT may cause more pain. Below the long-term descending line, there’s a support at 2000 SAT. The next support lies at 1800 SAT and 1500 SAT.

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Cryptocurrency charts by TradingView.

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