XRP saw an epic 10% price hike over the past 24 hours as the cryptocurrency reaches $0.18. This price increase makes XRP the strongest performing altcoin out of the top 20 ranked projects today.
The cryptocurrency had been trading within a range between $0.14 and $0.1667 over the past 2-weeks and this recent price breakout should allow XRP to continue toward $0.20.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see the range that XRP was trapped within the past fortnight. The recent break above the resistance at $0.1667, provided by a bearish .236 Fibonacci Retracement level has allowed XRP to break from out of this range.
This aforementioned Fibonacci Retracement is measured from the February high to the March low.
Short term prediction: NEUTRAL
XRP can now be considered as neutral after the break above $0.1667, however, if it falls back beneath this level it is in danger of turning bearish again. To turn bullish in the short term, XRP must rise and close above the $0.20 level.
If the buyers manage to push above $0.18, the next level of strong resistance lies at $0.20. This resistance is provided by a bearish .382 Fibonacci Retracement level. Above this, resistance lies at $0.21, $0.22, and $0.229 (bearish .5 Fibonacci Retracement level).
Toward the downside, support lies at $0.1667. Beneath this, support lies at $0.16, $0.15, and $0.14.
The RSI has risen back to the 50 levels but still must break above this for the bulls to take control over the market momentum.
Key Levels
Support: $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.18, $0.183, $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
