Ripple Price Analysis: XRP Trading Sideways But Is More Carnage Incoming?

• XRP dropped a total of 43% from the March high of around $0.247 to reach the current support at $0.14.
• The cryptocurrency remains ranked in the 3rd place as it holds a market cap valuation of around $6.26 billion.

XRP suffered a precipitous 43% price decline from the March highs as it drops into support at the $0.14 level. It had even dropped as low as $0.111 but the buyers managed to rebound to close the candle above the $0.14 level.

The cryptocurrency has now found some form of stabilization as it has managed to trade above the $0.14 level for the past straight 6-days of trading, however, the momentum is still clearly within the bearish favor and we should expect this to drop further rather than to rise higher.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

Market Overview

Looking at the daily chart above, we can see that XRP dropped beneath major support at $0.18 during this past week. This support was provided by the December lows and the break beneath here caused XRP to collapse further lower as it reaches support at $0.14 which is provided by a downside 1.414 Fibonacci Extension level.

We can see that it spiked lower but found support at the $0.116 level (downside 1.618 Fib Extension) and managed to rebound higher.

XRP has now been trading between $0.14 and $0.16 for 6-days and a break of this range will show the next direction.

Short term prediction: NEUTRAL/BEARISH

As XRP is trading within this range, we can assume that it is currently neutral. However, the momentum is with the bears and we can expect the range to likely break toward the downside.

If the sellers do break beneath $0.14, the next level of support is located at $0.127. This is then followed up with support at $0.12, $0.111 (downside 1.618 Fib Extension), and $0.10. Beneath this, added support is found a t$0.10, $0.097 (downside 1.72 Fib Extension) and $0.0804 (downside 1.414 Fib Extension).

On the other hand, if the bulls break above, resistance lies at $0.18 and $0.20.

Key Levels

Support: $0.14, $0.127, $0.12, $0.111, $0.10, $0.097, $0.08.
Resistance: $0.16, $0.183, $0.20,  $0.215, $0.22, $0.228, $0.238, $0.24,