- XRP saw a 3% price drop over the past 24 hours of trading as the cryptocurrency reaches the $0.19 level.
- The cryptocurrency continues to consolidate as it remains trapped by the $0.20 level.
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.
Summary
Article Name
Ripple (XRP) Price Analysis: XRP Holding Strong Support At Rising Trend Line But Can The Bulls Continue To Defend The Area?
Description
XRP saw a 3% price drop over the past 24 hours of trading as the cryptocurrency reaches the $0.19 level.
The cryptocurrency continues to consolidate as it remains trapped by the $0.20 level.
Author
Yaz Sheikh
Publisher Name
Coin Gape
Publisher Logo
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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