Ripple (XRP) Price Analysis: XRP Sees Small Price Increase But Is It In Danger Of Dropping?

By Yaz Sheikh
Published March 29, 2020 Updated March 29, 2020
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Ripple (XRP) Price Analysis: XRP Sees Small Price Increase But Is It In Danger Of Dropping?

By Yaz Sheikh
Published March 29, 2020 Updated March 29, 2020
  • XRP saw a 1% price increase over the past 24 hours of trading as it continues to trade above $0.17.
  • XRP continues to find resistance at $0.18 and must break above here if we are to head higher.

Whilst other cryptocurrencies fall, XRP witnessed a small 1% price increase over the past 24 hours of trading as it hovers at the $0.173 level. It is still struggling to break the resistance at $0.18 and does look like it might roll over and drop over the next few days. 

This price drop is especially expected when we consider the fact that the RSI has failed to break above the 50 level and looks like it is turning away from here to show that the sellers are still not ready to give up control of the market momentum.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that XRP has been trading in a tight range between $0.18 and $0.17 over the past 4-days of trading. It has struggled to break above the resistance at $0.18 which has stopped any bullish momentum from forming.

Short term prediction: NEUTRAL

XRP is considered as neutral right now, however, if the RSI does roll over and XRP breaks beneath $0.16 we will be on the way to turning bearish again.

Toward the downside, the first level of support is expected at $0.1667 which had previously provided strong resistance for the market over the past 2-weeks. Beneath this, support lies at $0.16, $0.15, $0.14, and $0.127.

On the other hand, if the bulls can break the resistance at $0.18, higher resistance lies at $0.120 (bearish .382 Fib Retracement), $0.22, and $0.229 (bearish .5 Fib Retracement).

Key Levels

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.

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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
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.

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