XRP Drops Into .886 Fib Support – Are We Still Heading Lower?

Ripple XRP
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XRP Drops Into .886 Fib Support – Are We Still Heading Lower?

  • XRP fell by 14% over the past week of trading, bringing the coin down to $0.228.
  • The cryptocurrency remains ranked in the 3rd position as it holds a market cap value of around $10.31 billion.

XRP dropped by 14% over the past week bringing the price for the coin down to $0.228. It managed to find support at a short term .886 Fibonacci Retracement level at around $0.228 and has managed to rebound higher from here to reach $0.2336.

It dropped by a further 2.76% over the past 24 hours of trading but is still outperforming Bitcoin (-4%) and Ethereum (-4.4%).

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

cg-xrpusd-feb27
XRP/USD – Source: TradingView

Market Overview

Looking at the daily chart above, we can see that XRP struggled to break up above resistance at the bearish .5 Fibonacci Retracement level $0.346 toward the middle of February. This caused it to roll over and start to fall.

It found brief support at around $0.27, however, it went on to collapse beneath here after a failed rebound attempt.

Over the past 3-days, we can see that XRP continued to decline until finding recent support at the .886 Fibonacci Retracement level priced at $0.228. This area of support is further bolstered by a downside 1.414 Fibonacci Extension level.

Short term prediction: BEARISH

The break beneath $0.25 has certainly turned XRP bearish. Hopefully, it can rebound from here and regain some of the previous losses.

If XRP does break beneath the current support at $0.228, we can expect immediate support below at $0.22. This is followed by support at $0.21 which is provided by the downside 1.618 Fibonacci Extension level and bolstered by a long term .786 Fibonacci Retracement level.

Beneath this, additional support lies at $0.204, $0.20, and $0.195, provided by a longer termed .886 Fib Retracement.

Toward the upside, resistance lies at $0.238, $0.241, $0.25, and $0.264.

Key Levels

Support: $0.2281, $0.22, $0.218, $.212, $0.204, $0.20, $0.195.
Resistance: $0.25, $0.253, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.

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XRP Drops Into .886 Fib Support - Are We Still Heading Lower?
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XRP Drops Into .886 Fib Support - Are We Still Heading Lower?
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XRP fell by 14% over the past week of trading, bringing the coin down to $0.228. The cryptocurrency remains ranked in the 3rd position as it holds a market cap value of around $10.31 billion.
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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.

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Yaz Sheikh 119 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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