Ripple Price Analysis: XRP Rolls Over From $0.29 Resistance - Can Bulls Defend $0.26 (200-days EMA) For A Rebound?

XRP fell by a small 3% today as the cryptocurrency drops beneath $0.27.
XRP was unable to overcome strong resistance at around $0.29 which caused it to roll over and head back toward the 200-days EMA.

XRP met strong resistance at the $0.29 level which caused the cryptocurrency to roll over and fall. Over the past 30-days, it is still up by a total of 25.5%, giving it greater gains than that of Bitcoin in the same period.

XRP is now headed back toward the 200-days EMA and if it falls beneath, we could expect the cryptocurrency to continue back toward $0.23

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

Market Overview

Analyzing the daily chart above, we can clearly see XRP rebounding from support at $0.181 during December 2019. The cryptocurrency returned here in January 2020 allowing it to bounce and to start the bullish run higher. This rebound allowed XRP to rise by a total of 61% in 2020 to reach the resistance at $0.29.

The cryptocurrency has fallen from here as it now trades at the $0.268 support.

Short term prediction: NEUTRAL

The rejection from the $0.29 level has now rendered XRP as a neutral market. The cryptocurrency will have to break and close above $0.29 to turn bullish again. On the other hand, if XRP falls beneath $0.24 (100-days EMA) the market will turn bearish.

Toward the downside, the first level of support lies at $0.264 (short term .382 Fib Retracement). This is quickly followed with additional strong support at $0.26 which is provided by the 200-days EMA.

If the sellers break beneath $0.26, added support is expected at $0.254 (.5 Fib Retracement), $0.244 (.618 Fib Retracement), and $0.24 (100-days EMA).

On the other hand, if the bulls can defend the $0.26 support and bounce higher, the first level of resistance lies at $0.28. This is followed by resistance at $0.286 and $0.29. If the buyers can drive above $0.29, higher resistance lies at $0.30, $0.308 and $0.3177.

The RSI has rolled over from extremely overbought conditions as it returns to the 50 level. We will be watching the RSI closely as a break beneath 50 will show a momentum shift as the bears begin to take charge.