XRP price once again rejected by a strong resistance

XRP price once again rejected by a strong resistance
Written by:
Ali Raza
16th July, 11:15
  • XRP price is once again being rejected by a resistance at $0.20.
  • Its price fluctuated between this resistance and support at $0.18 for months, now.
  • With both levels being quite strong, XRP cannot go up nor down for the time being.
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XRP price has been struggling to go beyond $0.20 ever since the mid-March price crash, and while it seemingly managed to break this resistance once in May, it quickly dropped back down. Now, after yet another attempt, the price was simply rejected once more.

XRP in 2020

XRP started 2020 at a rather low price of $0.1931, but it quickly fixed that as the first few months of the year have passed. It hit a massive resistance at $0.24 by January 19th, and then it breached the next one at $0.28 by February 6th.

The coin peaked at $0.3377 on February 15th, at which point many other cryptos were already succumbing to a bearish wave. XRP may have been a day or two late, but it also saw a price drop after mid-February had come to pass.

By March 1st, the coin had dropped to its support at $0.24, but interestingly enough, this level managed to hold for a while. It only broke when the real price crash caused by coronavirus fears led the entire market down.

That’s when XRP spiraled down by around $0.10, hitting $0.13, which was its lowest point of the year.

XRP recovery interrupted by a strong resistance

After hitting bottom, XRP started a slow road towards recovery, with many minor resistances to beat along the way. While even the weakest resistances proved quite challenging, the coin’s ascent lasted for over a month.

Eventually, however, XRP price reached the resistance at $0.18, which it managed to breach and turn into a support.

The new problem, however, was a resistance at $0.20, which the coin kept trying to breach, only for its price to be pushed back down. In fact, XRP kept going up and down between the support at $0.18 and a resistance at $0.20 for nearly four months now, and that is also the place where it stands at the moment.

However, XRP lost more than its price this year. It also lost its iconic third spot on the list of largest coins by market cap, which was taken from it by Tether (USDT).

Conclusion

There are still many willing to buy XRP, as they see it as a good opportunity for long-term investment. For now, however, the coin remains in its limbo, unable to leave.

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