XRP dropped by 14% over the past week bringing the price for the coin down to $0.228. It managed to find support at a short term .886 Fibonacci Retracement level at around $0.228 and has managed to rebound higher from here to reach $0.2336.
It dropped by a further 2.76% over the past 24 hours of trading but is still outperforming Bitcoin (-4%) and Ethereum (-4.4%).
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Looking at the daily chart above, we can see that XRP struggled to break up above resistance at the bearish .5 Fibonacci Retracement level $0.346 toward the middle of February. This caused it to roll over and start to fall.
It found brief support at around $0.27, however, it went on to collapse beneath here after a failed rebound attempt.
Over the past 3-days, we can see that XRP continued to decline until finding recent support at the .886 Fibonacci Retracement level priced at $0.228. This area of support is further bolstered by a downside 1.414 Fibonacci Extension level.
Short term prediction: BEARISH
The break beneath $0.25 has certainly turned XRP bearish. Hopefully, it can rebound from here and regain some of the previous losses.
If XRP does break beneath the current support at $0.228, we can expect immediate support below at $0.22. This is followed by support at $0.21 which is provided by the downside 1.618 Fibonacci Extension level and bolstered by a long term .786 Fibonacci Retracement level.
Beneath this, additional support lies at $0.204, $0.20, and $0.195, provided by a longer termed .886 Fib Retracement.
Toward the upside, resistance lies at $0.238, $0.241, $0.25, and $0.264.
Key Levels
Support: $0.2281, $0.22, $0.218, $.212, $0.204, $0.20, $0.195.
Resistance: $0.25, $0.253, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.
