Will XRP Drop Further Beneath $0.28 and Head Toward 200-days EMA?
- XRP dropped by a sharp 9.3% over the past 24 hours of trading, bringing the price down to $0.028.
- The cryptocurrency reached resistance at $0.337 and rolled over to fall by a total of 16%.
XRP failed to overcome resistance at $0.337 this week which caused it to reverse and drop to the current level at $0.280. The cryptocurrency experienced a whipsaw like price movement as it broke above $0.30 to climb into the $0.337 resistance and then drop back beneath $0.30 again.
The latest price decline has now dropped the 30-day price increase for Ripple to a small 16%. This is far beneath the 46% price increase that ETH witnessed over the same period and marginally better than Bitcoin’s 11% price increase.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
The daily chart above shows XRP climbing above the pivotal $0.30 level this week. It continued to climb further higher, breaking above strong resistance at $0.326 (bearish .382 Fib Retracement) until halting at resistance at $0.337.
It then went on to roll over as it plummetted back beneath $0.30. We can see that XRP is now finding support at $0.28, provided by a short term .5 Fib Retracement, however, the momentum has shifted toward the seller’s favor.
Short term prediction: NEUTRAL
XRP remains neutral at this moment in time after dropping back beneath $0.30. It would need to climb above $0.30 to turn bullish again.
If the sellers continue beneath $0.28, support is expected at $0.27, $0.268, and $0.264. The support at $0.264 is considered strong due to the fact that the 200-days EMA is here and it is further bolstered by a .618 Fib Retracement.
On the other hand, if the bulls can defend $0.28 and rebound higher, resistance lies at $0.29 and $0.30. Above this, additional resistance lies at $0.308, $0.3177, and $0.35.
The RSI has dropped beneath 50 as the bears take control over the market momentum.
Key Levels
Support: $0.28, $0.27, $0.268, $0.264, $0.26, $0.25, $0.243.
Resistance: $0.29, $0.30, $0.308, $0.3177, $0.326, $0.377.
The cryptocurrency reached resistance at $0.337 and rolled over to fall by a total of 16%.
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 Mon, 17 Feb 2020 09:48:05 +0000
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