XRP saw a 3% price fall over the past 24 hours as it drops from $0.196 to reach the current support at $0.19. The cryptocurrency has been trading above a rising support trend line for the past month but is still struggling to break above resistance at $0.20.
For XRP to continue higher, the market must break above the $0.20 level, however, if it goes the other way and it drops beneath the rising support trend line, XRP could drop back toward $0.17.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can clearly see XRP rebounding at the $0.18 level earlier in the week as it reached the support at the rising trend line. It had previously met resistance at the $0.20 level (provided by a bearish .382 Fib Retracement level) which caused the market to roll over and fall to $0.18.
After rebounding at $0.18, the cryptocurrency started to climb higher toward $0.20, however, in yesterday’s trading session it fell short at $0.196 which caused it to roll over and drop today.
Short term prediction: NEUTRAL
XRP remains neutral in the short term but a break beneath $0.18 would turn it bearish. To turn bullish it must climb above $0.20.
If the sellers push beneath $0.19, the first level of support lies at $0.184 (.236 Fib Retracement). This is further bolstered by the rising support line. Beneath this, support lies at $0.18, $0.17 (.382 Fib Retracement), and $0.16.
On the other side, resistance is located at $0.20 (bearish .382 Fib Retracement), $0.211, and $0.229 (bearish .5 Fib Retracement).
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.
