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XRP Price Prediction – XRP Needs to Hold Gains Over 100-SMA to Prevent Another Major Price Crash – September 12th, 2020

  • XRP is trading in the green after a nice upward move
  • XRP bulls need to hold gains over the 100 hourly simple moving average to prevent a major setback
  • XRP needs more bullish traction to break over its immediate hurdle point

XRP Price Prediction – XRP recently failed to break over the $0.2500 hurdle point and it started correcting lower against the USD. However, the digital currency needs to hold gains over the $0.2380 mark and the 100 hourly simple moving average to start a fresh rally.

XRP Price Prediction 2020 – XRP Price Recovers Slightly but Still Needs to Do More

After a nice upward move over the $0.2350 mark, the fourth-largest digital currency by market cap encountered stiff hurdles close to the $0.2380 mark. The price of the digital currency surged to as high as $0.2485 and it recently began a downward move. On its way down, it broke below the $0.2450 and $0.2420.

The digital currency even broke the 50 percent Fibonacci retracement level of the previous swing from the low of $0.2310 to the high of $0.2485. Nevertheless, there was a break below a key rising channel with a hurdle close to $0.2430 on the one-chart of the XRP/USD trading pair. The digital currency is now trading close to the $0.2380 support mark and the 100 hourly simple moving average.

XRP (XRP) Price Today – XRP / USD

The 61.8 percent Fibonacci retracement level of the previous swing from the low of $0.2310 to the high of $0.2485 is close to the $0.2380 mark. Provided the price of the digital currency remains over the $0.2380 support mark, it could begin a fresh upside move.

On the upside, the immediate hurdle for the digital currency is close to the $0.2420 mark. However, the first key hurdle point is close to the $0.2450 mark, over which the bulls might push the price towards the high of $0.2485. Any break over that level could pave the way for more gains towards the $0.2550 hurdle point. XRP is currently trading in the green, and chances are it could continue its upward move in the near term.

If the bulls fail to hold prices over the $0.2380 support mark and the 100 hourly simple moving average, chances are it could start a fresh downtrend. On the downside, the major support for the digital currency is close to the $0.2350 mark. A break below that support level could pave the way for more declines. If that happens, the price of the digital currency is likely to return to the $0.2300 support mark. A break below that level could be deadly, as the bears might have more traction to push prices toward the $0.2250 and $0.2200 marks in the coming sessions.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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Smartereum

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