Ripple Price Analysis: XRP Rebounds from 100-days EMA As Bulls Battle To Remain In Control


Ripple XRP
Image Courtesy of Flickr

Ripple Price Analysis: XRP Rebounds from 100-days EMA As Bulls Battle To Remain In Control

  • 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 chart

XRP/USD. Source: TradingView

Market Overview

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.

Key Levels

Support: $0.206, $0.20, $0.18.

Resistance: $0.218, $0.225, $0.23.

Author: Yaz Sheikh
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.
Post your comment...
Yaz Sheikh 182 Articles
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.
Follow Yaz @