The Currency Analytics
By Dan Saada
Price of XRP Eyes for Higher Gains
Can XRP Close Above Resistance Level of $0.2400?
Many would agree that XRP fails to do well in the previous year. However, the altcoin is recently getting better at is gained above $0.2325 against USD.
According to crypto analyst Dave the Wave, the bottoming signs that XRP display are the result of the positive developments in the San Francisco-based financial tech company…
If you missed the news, Ripple is speculated to use the funds collected by securing a large investment through various firms to expand its operations.
Recently, the price of XRP has been showing signs above $0.2320 level over the US dollars. Then, the bulls seem like experiencing some hurdles near the $0.2400 and $0.2420 region.
According to Kraken, the adopted bearish development line that happened on January 21st resulted to a resistance level near the $0.2385 zone at the XRP/USD 1-hour chart.
XRP currently enjoys a tight buildup towards the USD following the support above the $0.2240 and $0.2260levels.
Furthermore, based on the 1-hour chart XRP/USD pair yesterday, the fad line coinciding with the downwards 50% Fib retracement level transfer from $0.2540 high to $2240 low.
Dave the Wave posted a chart on Twitter, showing that the XRP/USD pair shows some signs of bottoming.
Michael Van De Poppe is another crypto analyst who has stated that XRP/USD chart has seen positive signs.
Meanwhile, other analysts hope that the crypto-asset could close above $2.400 resistance level. However, if this will not happen, XRP might resume the decline.
By breaking under the $0.2300 support, the crypto asset will then rapidly decline towards the support level of $0.2240 in the next sessions.