XRP Remains Rangebound But Can This Latest Bullish Momentum Break Us Above?

XRP saw a small 1.5% price increase over the past 24 hours of trading as it reaches $0.24.
It has been bouncing around within a range between $0.24 and $0.228 for the past week of trading.

Bitcoin finally managed to climb back above $8,900 as it brings the rest of the market higher. XRP saw a 1.5% price increase as it heads back into the resistance at the $0.24 level.

The cryptocurrency managed to find support at a .886 Fibonacci Retracement level $0.228 to stall the latest price decline. Since reaching this level of support the cryptocurrency has been bouncing between $0.228 and $0.24 as it trades sideways within this trading range.

XRP remains the 3rd largest cryptocurrency with a total market cap valuation of $10.48 billion.

XRP/USD – Daily CHART – SHORT TERM

cg-xrpusd-mar5 — XRP/USD – DAILY – Source: TradingView

Market Overview

Since our last analysis, XRP continued to struggle to break above the resistance outlined at $0.24. It continued to trade within the range between $0.24 and $0.228 over the past few days of trading and has recently just returned to the upper boundary.

Short term prediction: NEUTRAL

XRP remains neutral after establishing the aforementioned trading range. It would need to climb above $0.27 before we can even start to consider this market as starting to turn bullish. A break beneath the lower boundary of the range would turn the market bearish.

If the buyers break $).24, the first level of resistance lies at $0.251 (bearish .236 Fib Retracement). This is followed by resistance at $0.27 (bearish .382 Fib Retracement), $0.285 (bearish .5 Fib Retracement), and $0.30 (bearish .618 Fib Retracement).

Alternatively, the market should find strong support at $0.228. If it breaks beneath here, additional support lies at $0.22, $0.212 and $0.204.

Key Levels

Support: $0.2281, $0.22, $0.218, $.212, $0.204, $0.20, $0.195.
Resistance: $0.24, $0.25, $0.251, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.