The support between $0.22 and $0.24 is quite significant and may allow XRP price to rally higher in the days and weeks ahead

By Selena On Sep 5, 2020

XRP price has been hit hard by the recent market-wide selloff, as this third market’s cryptocurrency price has erased the majority of the gains it has been able to achieve in the past few months. These returns have been fiercely fought by crypto investors and come in the form of slower gains.

XRP price plunges with crypto and Bitcoin markets

Resistance found throughout the lower $ 0.3 zone proved impenetrable, and XRP was forced into a period of consolidation that spanned the $ 0.2 zone above. This trading range broke below yesterday’s levels, as XRP was unable to avoid the headwinds created by the massive selling pressure that dragged Bitcoin back to below $ 10,000 for a brief moment.

At the time of writing, XRP is trading just over 2% up at its current price of $ 0.255, marking a massive gain from the recent low of only over $ 0.23 that was established in a short case this morning.

The cryptocurrency’s current weakness comes as Bitcoin struggles to maintain its position in the $ 10,000 zone, as the bears conduct another selloff this morning that makes it reel to its lows $ 9,900 before seeing a strong rebound.

While talking about XRP’s short-term outlook, analyst DonAlt explained he was expecting it to see a strong rebound in the near term given the strength of the resistance line just below the current price.

He said:

“XRP: If you’re bullish XRP, this is probably one of the better places to be so. Three big tests of resistances, another test would almost certainly break out. Chilling right at support.”

As seen in the chart above, this support exists between $ 0.22 and $ 0.24, which means the bears are currently moving to invalidate it. If broken below, it will indicate that a move to the next critical support at $ 0.19 is imminent.

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