- 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.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.