XRP dropped by 13% over the past 7-days of trading as the cryptocurrency dropped into support at $0.228 It has since rebounded and increased by 1% but the coin is still predominantly in the bearish hands.
XRP remains ranked in the 3rd position with a total market cap value of around $10.41 billion.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that XRP recently found support at $0.228 where it rebounded higher. This support was provided by the .886 Fibonacci Retracement level and is further bolstered by the downside 1.414 Fibonacci Extension level.
Short term prediction: BEARISH
XRP still remains in bearish territory and would need to rise and break above $0.28 to turn back into a neutral trading condition.
If the sellers push XRP lower, the first level of support lies at $0.228, provided by the .886 Fib Retracement. Beneath this, support lies at $0.22 and $0.212. The support at $0.212 is provided by a downside 1.272 Fibonacci Extension level and is bolstered by a longer termed .786 Fibonacci Retracement level (drawn in green).
If the sellers continue to drive XRP lower, additional support is found at $0.204 (downside 1.414 Fib Extension), $0.20, and $0.193 (downside 1.618 Fib Extension).
On the other hand, resistance is located at $0.241. Above this, resistance lies at $0.25, $0.262, and $0.28.
We will need to see the RSI rising back above the 50 level if we would like to see any form of market recovery.
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.
