Ripple (XRP) Drops Into .886 Fib Support – Are We Still Heading Lower?

in #cryptocurrency • 5 years ago

  • XRP fell by 14% over the past week of trading, bringing the coin down to $0.228.
  • The cryptocurrency remains ranked in the 3rd position as it holds a market cap value of around $10.31 billion.

XRP dropped by 14% over the past week bringing the price for the coin down to $0.228. It managed to find support at a short term .886 Fibonacci Retracement level at around $0.228 and has managed to rebound higher from here to reach $0.2336.

It dropped by a further 2.76% over the past 24 hours of trading but is still outperforming Bitcoin (-4%) and Ethereum (-4.4%).

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

Market Overview

Looking at the daily chart above, we can see that XRP struggled to break up above resistance at the bearish .5 Fibonacci Retracement level $0.346 toward the middle of February. This caused it to roll over and start to fall.

It found brief support at around $0.27, however, it went on to collapse beneath here after a failed rebound attempt.

Over the past 3-days, we can see that XRP continued to decline until finding recent support at the .886 Fibonacci Retracement level priced at $0.228. This area of support is further bolstered by a downside 1.414 Fibonacci Extension level.

Short term prediction: BEARISH

The break beneath $0.25 has certainly turned XRP bearish. Hopefully, it can rebound from here and regain some of the previous losses.

If XRP does break beneath the current support at $0.228, we can expect immediate support below at $0.22. This is followed by support at $0.21 which is provided by the downside 1.618 Fibonacci Extension level and bolstered by a long term .786 Fibonacci Retracement level.

Beneath this, additional support lies at $0.204, $0.20, and $0.195, provided by a longer termed .886 Fib Retracement.

Toward the upside, resistance lies at $0.238, $0.241, $0.25, and $0.264.

Key Levels:

Support: $0.2281, $0.22, $0.218, $.212, $0.204, $0.20, $0.195.
Resistance: $0.25, $0.253, $0.264, $0.27, $0.28, $0.285, $0.29, $0.30.

Image from TradingView

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#crypto #ripple #xrp #technicalanalysis
5 years ago in #cryptocurrency by
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