XRP witnessed a 1.5% price decline over the past 24 hours of trading as the cryptocurrency continues to trade at the support provided by a .236 Fib Retracement level at $0.184. The cryptocurrency has been trading in a range between resistance at $0.20 and support at $0.184 for the past week of trading.
XRP also recently managed to find support at a rising trend line with a break beneath this signal a downward trend may be on the horizon.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can clearly see XRP struggling at the $0.20 level last week. The resistance here was provided by a bearish .382 Fib Retracement level that is measured from the February high to the March low.
After rolling over from this resistance, the cryptocurrency dropped into the support at $0.184 which is provided by the short term .236 Fibonacci Retracement level. It has also recently reached support at a rising trend line.
Short term prediction: NEUTRAL
XRP can pretty much be considered as neutral after trading sideways for over a week. However, if it was to drop beneath $0.184 and the rising support trend line then the market is likely to turn bearish.
If the sellers push lower, the first level of support lies at $0.18. Beneath this, support lies at $0.17 (.382 Fib Retracement), $0.159 (.5 Fib Retracement), and $0.148 (.618 Fib Retracement).
On the other side, if the bulls climb higher, the first level of resistance will be located at $0.20 (bearish .382 Fibonacci Retracement level). Above this, resistance lies at $0.211, $0.229 (bearish .5 Fib Retracement), and $0.24.
Key Levels
Support:$0.19, $0.18, $0.1776, $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
