Ripple Price Analysis: XRP Trading Sideways But Is More Carnage Incoming?
- XRP dropped a total of 43% from the March high of around $0.247 to reach the current support at $0.14.
- The cryptocurrency remains ranked in the 3rd place as it holds a market cap valuation of around $6.26 billion.
XRP suffered a precipitous 43% price decline from the March highs as it drops into support at the $0.14 level. It had even dropped as low as $0.111 but the buyers managed to rebound to close the candle above the $0.14 level.
The cryptocurrency has now found some form of stabilization as it has managed to trade above the $0.14 level for the past straight 6-days of trading, however, the momentum is still clearly within the bearish favor and we should expect this to drop further rather than to rise higher.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Looking at the daily chart above, we can see that XRP dropped beneath major support at $0.18 during this past week. This support was provided by the December lows and the break beneath here caused XRP to collapse further lower as it reaches support at $0.14 which is provided by a downside 1.414 Fibonacci Extension level.
We can see that it spiked lower but found support at the $0.116 level (downside 1.618 Fib Extension) and managed to rebound higher.
XRP has now been trading between $0.14 and $0.16 for 6-days and a break of this range will show the next direction.
Short term prediction: NEUTRAL/BEARISH
As XRP is trading within this range, we can assume that it is currently neutral. However, the momentum is with the bears and we can expect the range to likely break toward the downside.
If the sellers do break beneath $0.14, the next level of support is located at $0.127. This is then followed up with support at $0.12, $0.111 (downside 1.618 Fib Extension), and $0.10. Beneath this, added support is found a t$0.10, $0.097 (downside 1.72 Fib Extension) and $0.0804 (downside 1.414 Fib Extension).
On the other hand, if the bulls break above, resistance lies at $0.18 and $0.20.
Key Levels
Support: $0.14, $0.127, $0.12, $0.111, $0.10, $0.097, $0.08.
Resistance: $0.16, $0.183, $0.20, $0.215, $0.22, $0.228, $0.238, $0.24,
The cryptocurrency remains ranked in the 3rd place as it holds a market cap valuation of around $6.26 billion.
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.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Wed, 18 Mar 2020 14:02:58 +0000
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