Technical and strategic analysis:
1. A look at XRP price and its key levels
Current Price: XRP is currently trading at around $2.71 (as of February 19), with the price expected to fluctuate between $2.50 and $2.80 on February 20.
Support and resistance levels:
Strong support level: $2.50 (important psychological and technical level).
Key Resistance Level: $2.75-$2.80 (critical area to determine the strength of the uptrend).
Minor Support Level: $2.40 - $2.45 (if support level at $2.50 is broken).
2. Main technical indicators
Moving averages:
Although the 50-day moving average crossing above the 200-day usually indicates a long-term uptrend, the price of XRP is currently trading below these averages, reflecting temporary neutrality in the market.
Relative Strength Index (RSI):
The RSI on the weekly time frame is showing a very low reading at 0.00, indicating weak current momentum and possibly a short-term downtrend.
MACD Indicator:
The MACD indicator on the weekly time frame confirms a bearish signal, as the signal line moves below the zero level, which increases the possibility of a price correction.
3. Factors affecting the price of XRP
XRP ETF Fund Request:
MEMX’s filing with the US Securities and Exchange Commission (SEC) to list an XRP ETF could have a major positive impact. If approved, the move is expected to boost institutional confidence in XRP and push the price to $2.80 or higher.
SEC Closed Meeting:
The SEC is scheduled to discuss legal issues related to XRP on February 20. Any decision that comes out of this meeting could have a significant impact on investor sentiment toward the currency.
Bitcoin Impact:
The performance of Bitcoin (currently trading at around $94,290) remains a direct influence on XRP, especially amid the broader crypto market volatility.
4. Possible scenarios for XRP price on February 20
Bullish scenario:
If XRP price manages to close above $2.60, it could see an uptrend towards $2.75-$2.80. This scenario could be supported by positive news regarding the ETF or SEC decisions.
Neutral scenario:
XRP price could continue to trade within the $2.50-$2.70 range as investors wait for clearer signals to determine the next direction.
Bearish scenario:
If the support level at $2.50 is broken, the price could drop to the $2.40-$2.45 area, especially if new regulatory concerns emerge.
5. Strategic Tips for Traders
Ideal entry points:
Buying can be considered at $2.50-$2.60 levels, waiting for confirmation of a price bounce from the support level before making a buy decision.
Profit making objectives:
Short term target: $2.75 - $2.80.
Medium term target: $3.00 - $3.20 (if resistance level is successfully broken).
Stop Loss Level:
It is recommended to place a stop loss order below $2.45 to limit the risk in case of a sharp price drop.
Final conclusion
XRP’s performance on February 20 will largely depend on the outcome of the SEC meeting and the market’s reaction to the ETF application. Traders are advised to follow technical indicators such as RSI and MACD, as well as regulatory news. In the long term, XRP could target $3.31 (all-time high) or even $26.69 if the long-term ascending triangle pattern is broken. However, one should be cautious of short-term price volatility that may be caused by political and economic news.
Important reminder: “Trade with the trend, not against it — wait for breakout confirmation before taking large positions.”