- XRP saw a 2.74% price increase over the past 24 hours of trading after remaining above the .886 Fib Support
- The cryptocurrency is now struggling to break resistance at $0.24.
XRP managed to increase by a small 2.74% over the past 24 hours of trading after holding at the .886 Fibonacci Retracement support for over 6-days of trading. It had previously dropped by around 36% after the cryptocurrency failed to overcome resistance at the $0.35 level which caused it to roll over and fall.
XRP remains ranked in the 3rd position as it currently holds a $10.38 billion market cap valuation.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that XRP remained supported at the .886 Fib Retracement that was highlighted in our last analysis. We can see that it has now been trading within a range between this support, $0.228, and the resistance at $0.24.
A breakout of this range will dictate in which direction XRP will be heading toward next. If it collapses beneath the range the market would turn bearish and a break above the range would start to put XRP back on the bullish footing.
Short term prediction: NEUTRAL
XRP needs to break the current range to break out of the neutral trading condition.
If the buyers can break above $0.24, the first level of resistance lies at $0.251, provided by a bearish .236 Fibonacci Retracement level. Above this, resistance lies at $0.26, $0.27 (bearish .382 Fib Retracement), $0.28, and $0.2850 (bearish .5 Fib Retracement).
On the other side, the support at $0.2281 (.886 Fibonacci Retracement level) should hold moving forward. If we push beneath here, the market will turn bearish. In this case, support is located at $0.22. This is followed by support at $0.212 (downside 1.272 Fib Extension) and $0.204 (downside 1.414 Fib Extension).
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.
The cryptocurrency is now struggling to break resistance at $0.24.
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.
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