Ripple (XRP) Price Analysis: XRP Holding Strong Support At Rising Trend Line But Can The Bulls Continue To Defend The Area?

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Ripple XRP
Image Courtesy of Flickr
  • XRP saw a 1.5% price drop over the past 24 hours of trading as the cryptocurrency drops to $0.184.
  • XRP has actually been trading sideways over the past week between $0.2 and $0184.

XRP  witnessed a 1.5% price decline over the past 24 hours of trading as the cryptocurrency continues to trade at the support provided by a .236 Fib Retracement level at $0.184. The cryptocurrency has been trading in a range between resistance at $0.20 and support at $0.184 for the past week of trading.

XRP also recently managed to find support at a rising trend line with a break beneath this signal a downward trend may be on the horizon.

XRP Price Analysis


XRP/USD. Source: TradingView

Market Overview

Analyzing the daily chart above, we can clearly see XRP struggling at the $0.20 level last week. The resistance here was provided by a bearish .382 Fib Retracement level that is measured from the February high to the March low.

After rolling over from this resistance, the cryptocurrency dropped into the support at $0.184 which is provided by the short term .236 Fibonacci Retracement level. It has also recently reached support at a rising trend line.

Short term prediction: NEUTRAL

XRP can pretty much be considered as neutral after trading sideways for over a week. However, if it was to drop beneath $0.184 and the rising support trend line then the market is likely to turn bearish.

If the sellers push lower, the first level of support lies at $0.18. Beneath this, support lies at $0.17 (.382 Fib Retracement), $0.159 (.5 Fib Retracement), and $0.148 (.618 Fib Retracement).

On the other side, if the bulls climb higher, the first level of resistance will be located at $0.20 (bearish .382 Fibonacci Retracement level). Above this, resistance lies at $0.211, $0.229 (bearish .5 Fib Retracement), and $0.24.

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.

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.
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.

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