XRP Rebounds from .886 Fib Retracement – Will We Break $0.24 Or Drop Below $0.228?


Ripple XRP
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XRP Rebounds from .886 Fib Retracement – Will We Break $0.24 Or Drop Below $0.228?

  • XRP dropped by 13% over the past 7-days of trading.
  • The cryptocurrency is ranked in the 3rd position with a total market cap value of $10.41 billion.

XRP dropped by 13% over the past 7-days of trading as the cryptocurrency dropped into support at $0.228 It has since rebounded and increased by 1% but the coin is still predominantly in the bearish hands.

XRP remains ranked in the 3rd position with a total market cap value of around $10.41 billion.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

cg-xrpusd-feb29
XRP/USD – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that XRP recently found support at $0.228 where it rebounded higher. This support was provided by the .886 Fibonacci Retracement level and is further bolstered by the downside 1.414 Fibonacci Extension level.

Short term prediction: BEARISH

XRP still remains in bearish territory and would need to rise and break above $0.28 to turn back into a neutral trading condition.

If the sellers push XRP lower, the first level of support lies at $0.228, provided by the .886 Fib Retracement. Beneath this, support lies at $0.22 and $0.212. The support at $0.212 is provided by a downside 1.272 Fibonacci Extension level and is bolstered by a longer termed .786 Fibonacci Retracement level (drawn in green).

If the sellers continue to drive XRP lower, additional support is found at $0.204 (downside 1.414 Fib Extension), $0.20, and $0.193 (downside 1.618 Fib Extension).

On the other hand, resistance is located at $0.241. Above this, resistance lies at $0.25, $0.262, and $0.28.

We will need to see the RSI rising back above the 50 level if we would like to see any form of market recovery.

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.

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 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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