- XRP dropped lower yesterday to reach the 200-day EMA before rebounding higher.
- The cryptocurrency is hanging in the balance as the bulls and the bears battle for control.
XRP dropped into the support near the 200-days EMA, as outlined in my analysis yesterday. The cryptocurrency fell back beneath $0.28 to spike lower into the 200-days EMA before it rebounded and increased by 3% over the past 24 hours.
It now trades above $0.28 and $0.286.
XRP is hanging in the balance as the bulls and the bears battle for control over the market momentum, and it could literally swing in either direction.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Since yesterday, we can see that XRP dropped beneath the current .5 Fib Retracement support at $0.28 to drop close toward the 200-days EMA. Luckily, it rebounded from here to close the day above the $0.28 support.
XRP is pretty much all over the place as the bulls battle the bears to regain control over the market momentum. It could literally end up anywhere.
Short term prediction: NEUTRAL
XRP is neutral after dropping beneath $0.30. It needs to climb back above this to turn bullish again. If it was to drop beneath $0.25, it would be in danger of turning bearish.
If the sellers push beneath the support at $0.28, immediate support beneath is at $0.27. Additional support then lies at $0.268, $0.264 (.618 Fib Retracement and 200-days EMA), and $0.26.
On the other hand, if the bulls break $0.29, resistance lies at $0.30, $0.308, $0.3177, and $0.3262.
The bulls and the bears are in a heated battle which is indicated by the spikes in the market. It is also apparent on the RSI as it trades directly along with the 50 level. This shows indecision within the market as the players do not know which direction to head toward. If the RSI breaks beneath 50, things could turn sour for XRP as it turns bearish.
Support: $0.28, $0.27, $0.268, $0.264, $0.26, $0.25, $0.243.
Resistance: $0.29, $0.30, $0.308, $0.3177, $0.326, $0.377.
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.