- Ripple has rebounded from support at $0.3825 and is now trading above the .618 Fibonacci Retracement priced at $0.47.
- The next major hurdle above is located at $0.50 with the nearest major support below at $0.38.
- Support levels moving forward; $0.47, $0.3825, $0.3304, $0.30.
- Resistance levels moving forward; $0.5317, $0.5933, $0.65, $0.7345, $0.7866.
Ripple has seen a small 2.42% price increase over the past 24 hours of trading. The cryptocurrency is currently exchanging hands on markets at a price around $0.4819, at the time of writing, after seeing a stagnant week in price movement over the past 7 trading days.
The cryptocurrency that is dedicated to providing instant international payments for financial institutions currently holds the number 3rd position in terms of overall market cap across the entire industry. At this moment in time, XRP holds a total market cap value of $18.63 billion after experiencing an extraordinary 30-day price increase totaling 70%.
Ripple is still trading at a price that is 87% lower than its all-time high value. Let us continue to analyze price action for Ripple over the short term and update any expected support and resistance zones.
Ripple price analysis
XRP/USD – SHORT-TERM – 4 HR CHART
Analyzing price action from the short term 4-HR perspective above, we can see that the XRP/USD market has rebounded from our highlighted support area provided by the short-term .786 Fibonacci Retracement level priced at $0.382.
The market has managed to reverse and rally its way back above near-term resistance provided by the .618 Fibonacci Retracement priced at $0.4702. Price action is now using the .618 Fibonacci Retracement as a level of support moving forward.
If the bullish momentum can continue within the market and push price action higher we can expect immediate significant resistance above to be located at the psychological round number handle at $0.50. If the bulls can penetrate above this level then further higher resistance can be expected at the short term .5 Fibonacci Retracement level priced at $0.53 followed by the .382 Fibonacci Retracement level priced at $0.59.
If the bulls continue even further higher to break above $0.65 we can expect more resistance above at the 1.272 and 1.414 Fibonacci Extension levels priced at $0.7345 and $0.7866.
On the other hand, if the bears re-enter the market and push XRP/USD below the support at $0.47 we can expect immediate support below at the .786 Fibonacci Retracement level, once again, priced at $0.3825. If the bears continue further lower we can expect more support below at the .886 Fibonacci Retracement level priced at $0.33.
The RSI technical indicator is currently still favoring the bulls on the 4-hr time frame. It is currently trading well above the 50 handles indicating that the bulls are still in control of the momentum within the market. So long as the RSI can remain above the 50 handles, we can expect the market to continue to make gains higher.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.