Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance

XRP dropped by a total of 5% in today’s trading session as it reaches the $0.19 level.
The cryptocurrency was struggling at the resistance provided at $0.20 which caused it to roll over and fall today.

XRP fell by a total of 5% in today’s trading session after the cryptocurrency failed to break above resistance at $0.2 over the past week of trading. The resistance here is provided by a bearish .382 Fib Retracement level and it prevented XRP from continuing its previous bullish rally.

XRP looks like it will head lower, however, there is very strong support beneath at $0.18 which should hopefully allow the cryptocurrency to rebound.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above, we can see that XRP started the week off on the strong footing as it surged from $0.18 to reach the resistance at the $0.20 level. The resistance here is provided by a bearish .382 Fibonacci Retracement level that is measured from the February high to the March low.

After failing to break this resistance over the past 4-days, XRP rolled over today and dropped to the current $0.19 level.

Short term prediction: BULLISH

XRP still remains bullish at this time, however, a drop beneath $0.18 is likely to turn the market bearish.

If the sellers do push beneath $0.18 we can expect support to be located at $0.17, $0.1667, $0.16, $0.15, and $0.14.

On the other hand, if the bulls can rebound from $0.19 or $0.18, resistance is still strong at $0.20. Above this, resistance is located at $0.211, $0.229 (bearish .5 Fib Retracement), $0.24, and $0.25.

The RSI has dropped back into the 50 level but if it can rebound this will signal that the bulls remain in control of the market momentum.

Key Levels

Support:$0.19, $0.18, $0.1776, $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About 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.