Is XRP Attempting To Rebound After Bloody Weekend?

XRP had suffered a major collapse this weekend but it was not alone. The entire cryptocurrency market (and the majority of financial instruments around the globe) tumbled almost the coronavirus pandemic and the recently created oil pricing war.

XRP dropped by a steep 20% as it fell into support at the $0.20 level, a price that has not been since early 2020. It is attempting to rebound today, however, the momentum is still well within the seller’s favor.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

Market Overview

Looking at the daily chart above, we can see XRP turning over at the $0.245 resistance level this weekend. On Sunday, the cryptocurrency collapsed beneath support at $0.228 (short term .886 Fibonacci Retracement) which had held the market for the previous 2 weeks.

XRP continued to drop until finding support at the $0.20 region, provided by a downside 1.414 Fibonacci Extension level. We can see that it is trying to rebound from here as it attempts to break resistance at $0.215.

Short term prediction: BEARISH

XRP can only be considered as bearish right now, along with the entire market. To turn neutral, the cryptocurrency would have to rise and break back above the $0.228 level. It would need to continue further above $0.255 before we can even start to consider a bullish market.

If the sellers regroup and push lower again, the first level of support lies at $0.204 (Downside 1.414 Fib Extension), This is followed with support at $0.20. Beneath this, additional support is found at $0.195 (long term .886 Fib Retreacemnet), $0.19, and $0.185.

On the other hand, above $0.215, resistance lies at $0.22, $0.228, $0.24, and $0.25.

Key Levels

Support: $0.204, $0.20, $0.195, $0.193, $0.19, $185..

Resistance: $0.215, $0.22, $0.228, $0.238, $0.24, $0.25, $0.251, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.