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Ripple (XRP) Price Analysis: Ripple Reaches $0.20 Resistance – Can We Break Above Today?

Ripple XRP

  • XRP dropped by a total of 5% in today’s trading session as it reaches the $0.19 level.
  • The cryptocurrency was struggling at the resistance provided at $0.20 which caused it to roll over and fall today.

XRP fell by a total of 5% in today’s trading session after the cryptocurrency failed to break above resistance at $0.2 over the past week of trading. The resistance here is provided by a bearish .382 Fib Retracement level and it prevented XRP from continuing its previous bullish rally.

XRP looks like it will head lower, however, there is very strong support beneath at $0.18 which should hopefully allow the cryptocurrency to rebound.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that XRP started the week off on the strong footing as it surged from $0.18 to reach the resistance at the $0.20 level. The resistance here is provided by a bearish .382 Fibonacci Retracement level that is measured from the February high to the March low.

After failing to break this resistance over the past 4-days, XRP rolled over today and dropped to the current $0.19 level.

Short term prediction: BULLISH

XRP still remains bullish at this time, however, a drop beneath $0.18 is likely to turn the market bearish.

If the sellers do push beneath $0.18 we can expect support to be located at $0.17, $0.1667, $0.16, $0.15, and $0.14.

On the other hand, if the bulls can rebound from $0.19 or $0.18, resistance is still strong at $0.20. Above this, resistance is located at $0.211, $0.229 (bearish .5 Fib Retracement), $0.24, and $0.25.

The RSI has dropped back into the 50 level but if it can rebound this will signal that the bulls remain in control of the market momentum.

Key Levels

Support:$0.19, $0.18, $0.1776, $0.1667, $0.16, $0.15, $0.14, $0.127, $0.12, $0.116, $0.10, $0.097, $0.08.
Resistance: $0.20, $0.22, $0.229, $0.238, $0.24, $0.25, $0.251.

References

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