- XRP saw a small 1% price drop today as the cryptocurrency trades at the $0.217 level.
- The cryptocurrency did drop lower but managed to find strong support at the 100-days EMA where it rebounded.
Ripple saw a small 1% decline, at the time of writing, which pushed the market toward the $0.217 level. It had dropped further lower than this during the day, however, it managed to find strong support at the 100-days EMA at the $0.206 level which allowed it to bounce and climb back to $0.217.
This bounce at the 100-days EMA shows that the buyers are still battling to remain in control of the market momentum moving forward. A drop beneath the 100-days EMA could cause XRP to spiral downward and head beneath the $0.20 level.
Nevertheless, XRP still needs to break the resistance at $0.23 to continue any sort of bullish push higher.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
XRP/USD. Source: TradingView
Taking a look at the daily chart above, we can clearly see that XRP struggled today as it spiked lower into the support at the 100-days EMA. The support here is further bolstered by the short term .236 Fibonacci Retracement level at $0.206, adding further strength to the support.
XRP managed to break above the 100-days EMA toward the end of April and has since remained above the level. However, if XRP was to break beneath the 100-days EMA, the bullish run would be invalidated and the cryptocurrency could end up headed beneath $0.20 and toward $0.18.
Short term prediction: BULLISH
XRP remains bullish in the short term. It would need to drop beneath $0.2 before turning neutral and would have to drop further below $0.18 to turn bearish.
If the sellers do push lower, the support at $0.206 (100-days EMA & .236 Fib Retracement) should provide strong support for the market. Beneath this, added support lies at $0.20, $0.1881 (.382 Fib Retracement), and $0.18.
On the other side, if the buyers push higher, the first level of resistance is located at $0.23 (bearish .5 Fib Retracement). Above this, resistance is located at $0.234 (1.618 Fib Extension), $0.24 (1.414 Fib Extension), and $0.25.
Support: $0.206, $0.20, $0.18.
Resistance: $0.218, $0.225, $0.23.