Ripple’s bears breaks below $0.2700, bulls stay unfazed

• XRP bulls expect token’s price increase towards at least $0.60.
• The technical picture implies that the coin may extend the downside correction.

Ripple’s XRP has been less successful than may other altcoins in recent days. The third-largest coin failed to capitalize on massive Bitcoin’s rally above $10,000 and stopped short of the local resistance created by $0.2900. XRP/USD broke below $0.2700 and settled at $0.2690 by the time of writing. The coin has lost about 2.7% both on a day-to-day basis and since the beginning of Monday.

XRP bulls don’t give up

On a weekly basis, XRP/USD has gained nearly 10% and managed to settle above critical $0.2500. THis development inspired some cryptocurrency analysts to come up with optimistic forecasts. Thus, according to a popular crypto trader Michael van de Popp known as Crypto Michaël (@CryptoMichNL) on Twitter, XRP/USD is on the verge of a massive rally towards $0.60. In a recent tweet, he pointed out that BTC broke above a two-year downside trend against BTC and created a positive technical setup against USD. 

I think this one will do well, when $BTC calms down. Broke a 2-year old downtrend on the $BTC pair and flipped back in the range on the $USD pair. Holding above $0.247-0.25 and we could see continuation towards the range high at $0.47 and possibly $0.60.

Meanwhile, this forecast looks conservative when compared with the expectations of another crypto Twitter analyst aka CryptoBull (@CryptoBull2020) who bet on $0.95 by the end of the week. He also launched a survey on his Twitter page, asking if XRP could possible hit $1.00 by this Friday. However, only 38.5% of respondents gave positive answer to this question.

XRP/USD: Technical picture looks bearish

On a daily chart, XRP/USD continues moving within a tight range limited by $0.2900 and $0.2700. A sustainable move below $0.2700 will take the price towards February 8 low at $0.2638. A critical support is created by SMA200 daily at $0.2550 and the middle line of the daily Bollinger Band at $0.2500. This psychological area is likely to slow down the bears and initiate a recovery towards $0.2700.

On the upside, a recovery above $0.2800 will help to mitigate the initial bearish pressure and allow for an extended recovery towards the highest level of 2020 at $0.2890. This barrier is closely followed by psychological $0.29. Once it is out of the way, the upside is likely to gain traction with the next focus on  $0.30. 

XRP/USD daily chart