XRP Has Seen with Potential Decline, What’s the Next Speculation?January 24, 2020
Not only does the sales of XRP declined by 80% in Q4, but it also displays a potential decline.
A few days ago, many folks in the crypto space anticipate whether or not XRP could close above the $0.2400 resistance level. In fact, some top analysts speculated that the crypto-asset could be traded for $0.473 in the coming months due to positive XRP/USD price action.
However, XRP just recently failed to close the resistance level of $0.2400 over the US Dollar.
As of now, the price of the crypto asset is declining. So, this might suggest a further drop. If you missed the previous release, crypto analysts have stated that in the case XRP fails to close above the aforementioned resistance level, it will resume the decline below the $0.2300 and $0.2240 levels.
XRP’s Vulnerability to Heavy Decline
Based on the 1-hour MACD for XRP/USD pair, a gradual movement in the bearish has been witnessed, while the 1-hour Relative Index currently declines and remains below the 50 levels.
At the time of writing, the XRP’s major supports levels remain at $0.2300, $0.2240, and $0.2200. As for the major resistance levels, the crypto rests at $0.2350, $2380, and $0.2400.
Based on the current performance of XRP, if the struggle to close near the $0.2380 and $0.2400 continues, then it will result to a larger decline. Since the main support level of the crypto is close to the $0.2240 level, it’s no secret that the bears seem to eye for a drop below $0.2200.
In the case that the speculation happened to be true, the price of XRP will continue to drop below $0.2150. Besides, there’s a big chance that it will test the support zone of $0.2120 in the next days.
How Can XRP Regain A Strong Rise?
Globally, XRP’s trading volumes collapsed slightly at $17,24 billion in Q4 compared to the previous quarter’s $18.23. According to some reports, the decline resulted from direct institutional sales and programmatic sales pause like crypto sales to exchanges.
Some folks in the cryptocurrency market hope that the news will not directly affect the XRP’s market performances, especially that it faces a strong vulnerability to decline.
Despite the recent recovery above the resistance levels of $0.2320 and $2350 over USD and the price close above the resistance level of $2400, it failed to gain strength above the $0.2420 level.
Furthermore, the XRP formed a high close to the $0.2415 level while the price resulted to a downward action. Then, the crypto broke the regions of $0.2380 and $2350.
The bulls are now facing a number of hurdles close to the $0.2380 and $0.2400 levels. Besides, based on the 1-hour XRP/USD chart, the bearish trend line defends the upsides with resistance level close to $0.2350.
In order for XRP to gain a strong rise, it should close above the resistance level of $0.2400. Then, the next key hurdles will be close to the levels of $0.2500 and $0.2550.