- XRP saw a 10% price rise over the past 24 hours of trading as the cryptocurrency verges on the $0.18
- The cryptocurrency managed to break above the resistance at $0.1667 over the past 2-days which allowed it to reach $0.18.
XRP saw an epic 10% price hike over the past 24 hours as the cryptocurrency reaches $0.18. This price increase makes XRP the strongest performing altcoin out of the top 20 ranked projects today.
The cryptocurrency had been trading within a range between $0.14 and $0.1667 over the past 2-weeks and this recent price breakout should allow XRP to continue toward $0.20.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see the range that XRP was trapped within the past fortnight. The recent break above the resistance at $0.1667, provided by a bearish .236 Fibonacci Retracement level has allowed XRP to break from out of this range.
This aforementioned Fibonacci Retracement is measured from the February high to the March low.
Short term prediction: NEUTRAL
XRP can now be considered as neutral after the break above $0.1667, however, if it falls back beneath this level it is in danger of turning bearish again. To turn bullish in the short term, XRP must rise and close above the $0.20 level.
If the buyers manage to push above $0.18, the next level of strong resistance lies at $0.20. This resistance is provided by a bearish .382 Fibonacci Retracement level. Above this, resistance lies at $0.21, $0.22, and $0.229 (bearish .5 Fibonacci Retracement level).
Toward the downside, support lies at $0.1667. Beneath this, support lies at $0.16, $0.15, and $0.14.
The RSI has risen back to the 50 levels but still must break above this for the bulls to take control over the market momentum.
Support: $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.18, $0.183, $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
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.