Ripple (XRP) Price Analysis: XRP Could Head Toward $0.20 But Only If It Breaks THIS Level
- XRP witnessed a 6% price decline over the past 24 hours of trading as it trades at $0.156.
- This latest price decline how now put XRP back into the trading range that its been trading within for over 9 days now.
XRP suffered a 6% price decline over the past 24 hours of trading as it failed to break above resistance at $0.1667. It had made an attempt to break above this level over the past 2 days, however, the sellers seemed to always step back in to push the market lower again.
The cryptocurrency is now trading within the same range that it has been trading within for the past 9 days. It must break and close above/below this range to dictate which direction it would be heading toward next. If it does break and close above $0.166 it has the potential to continue toward $0.20.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that XRP managed to find strong support at the $0.14 level during the market collapse in March. This support is provided by a downside 1.414 Fibonacci Extension level. It had dipped even further lower but managed to rebound from support at $0.111 which is provided by a downside 1.618 Fib Extension.
It has been trading within a range between $0.1667 and $0.14 for the past 9-days now and must break this range to dictate the next direction of the market.
Short term prediction: BEARISH/NEUTRAL
XRP is trading within a range so it could be considered as neutral, however, the price drop seen in March is too large to ignore so it has to be classed as bearish until we see a break toward the upside of the range.
If the sellers push lower, the first level of support is located at $0.14. Beneath this, support is expected at $0.127m $0.12, $0.1116, and $0.10.
On the other hand, the first level of resistance lies at $0.166 (bearish .236 Fib Retracement). Above this, resistance lies at $0.183, $0.20 (bearish .382 Fib Retracement), $0.22, and $0.229 (bearish .5 Fib Retracement).
Key Levels
Support: $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.166, $0.183, $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.
This latest price decline how now put XRP back into the trading range that its been trading within for over 9 days now.
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 Sat, 21 Mar 2020 14:38:07 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram