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Ripple XRP price faces trouble as critical resistance mounts pressure

Ripple XRP price faces trouble as critical resistance mounts pressure

Ripple XRP price faced a crucial resistance at a key trendline level of $0.23, forcing it to backtrack a little. The bulls have made the most of the broader positive sentiment in the crypto market to mirror Bitcoin’s gains. After the March 12 market rout, XRP price has fared well, considering the COVID-19 pandemic hasn’t left any economic sector untouched.

  • Ripple XRP price makes notable gains due to the sweeping positive wave in the crypto market.
  • The upward momentum from yesterday pushed the XRP price to a fresh high of $0.23179.
  • Price rejection from key resistance at $0.23 shows overbought pressure that my limit further gains.

Ripple XRP price - 29-04-2020

Crypto market cap statistics by Coin360

After a bullish momentum in the past few days pushed prices above the key psychological level of $0.25, the price is now witnessing a grinding halt. The momentum may be fading, but the pursuit of the next key psychological level at $0.25 looks well within reach, provided key resistance at $0.23 is breached confidently.

XRP/BTC also faced a similar rejection from the vital trendline today. The XRP/BTC price retreated from $0.00002800 level. The grim rejection in this pair also had an effect on the XRP/USD trading pair, which probably stalled its upward momentum.

Ripple XRP price rejected from a crucial technical level

At the time of writing, the Ripple XRP price is hovering around $0.22, with a gain of just 6%. It has risen from yesterday’s $0.20 mark to touch resistance at $0.23. Now, the embattled cryptocurrency must display the strength to break above the 200-day moving average as it is vital from a technical perspective.

Ripple XRP Price - 29-04-2020

Ripple XRP price chart by TradingView

The bulls are sitting strong above the newly formed support at $0.20 levels. The support level underneath, if touched, will provide fresh buying impetus, thereby pushing the price higher. If Ripple XRP price builds a firm footing and pushes beyond a $0.23 resistance level, the next crucial psychological level of $0.25 is not far away.

Disclaimer: The information provided is not trading advice but informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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