Following <a href="https://www.cryptoknowmics.com/crypto/bitcoin-halving-could-push-bitcoin-price-to-100k/">Bitcoin's</a> lead, XRP has also depreciated in price. The coin has tumbled down by 22% in the last 3 days. Multiple supports are standing-by to support XRP's collapse below $0.2756. From the looks of it, XRP has taken a brutal beating but seems to be holding up. This has caused much of the bearish pressure to wither away.

Key Points
<ul>
 	<li>XRP's suffering might come to an end, provided the price doesn't collapse below $0.2765 to $0.2756.</li>
 	<li>The recession of MACD's histogram is compelling evidence of bearish respite.</li>
 	<li>A revisit to $0.2914 or $0.30 after a successful bounce from $0.2765 is on the horizon.</li>
</ul>
<h2>Four Hour XRP Chart</h2>
<img class="wp-image-159125 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/02/download-1.png" alt="" width="1937" />
XRP, in the 4-hour chart, showed a collapse from $0.3478, a level is last seen 218 days ago. This exrpxultant rally was already running on fumes; on reaching February 15, 2020, the price briefly hit this high and collapsed. As mentioned above, at press time, the coin has shed 20% of its value. More downtrend was prevented by two important support levels - the uptrend and the 50% Fibonacci support.

The uptrend has been extending since the end of January 2020 and has managed to keep the price from collapsing for over a month. Moreover, the Fibonacci levels, drawn from the start of the uptrend to its peak shows XRP's adherence to it. The drop from $0.3478 was cushioned by the 61.80% Fibonacci support, followed by the 50% level, tested twice. Breach of the confluence of these two supports could be a major dip in price for XRP.

MACD indicator showed the recession of histogram's red bands towards the zero-line. This is mainly due to the bounce from the aforementioned support levels. If the buyers outlast the sellers, the shift in red bands could take place soon. A surge in price from the current $0.2849 will push the price towards its next obvious target - 61.80% Fibonacci level acting as the resistance at $0.2914 or $0.30.

An unlikely scenario can be expected if the price breaches the confluence of support, causing the histogram to witness a failed cross overseen between February 09, and 10, 2020. The king coin's influence over altcoins could affect this scenario and make it stronger. However, the potential breach of the month-long support seems unlikely

XRP's rise to $0.30 likely after a bounce from confluence of supports

ollowing Bitcoin's lead, XRP has also depreciated in price. The coin has tumbled down by 22% in the last 3 days. Multiple supports are standing-by to support XRP's collapse below $0.2756

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. 
Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.

XRP's rise to $0.30 likely after a bounce from confluence of supports

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