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XRP

Will XRP Drop Further Beneath $0.28 and Head Toward 200-days EMA?

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  • XRP dropped by a sharp 9.3% over the past 24 hours of trading, bringing the price down to $0.028.
  • The cryptocurrency reached resistance at $0.337 and rolled over to fall by a total of 16%.

XRP failed to overcome resistance at $0.337 this week which caused it to reverse and drop to the current level at $0.280. The cryptocurrency experienced a whipsaw like price movement as it broke above $0.30 to climb into the $0.337 resistance and then drop back beneath $0.30 again.

The latest price decline has now dropped the 30-day price increase for Ripple to a small 16%. This is far beneath the 46% price increase that ETH witnessed over the same period and marginally better than Bitcoin’s 11% price increase.

XRP/USD – Daily CHART – SHORT TERM

cg-xrpusd-feb17
XRP/USD – DAILY – Source: TradingView

Market Overview

The daily chart above shows XRP climbing above the pivotal $0.30 level this week. It continued to climb further higher, breaking above strong resistance at $0.326 (bearish .382 Fib Retracement) until halting at resistance at $0.337.

It then went on to roll over as it plummetted back beneath $0.30. We can see that XRP is now finding support at $0.28, provided by a short term .5 Fib Retracement, however, the momentum has shifted toward the seller’s favor.

Short term prediction: NEUTRAL

XRP remains neutral at this moment in time after dropping back beneath $0.30. It would need to climb above $0.30 to turn bullish again.

If the sellers continue beneath $0.28, support is expected at $0.27, $0.268, and $0.264. The support at $0.264 is considered strong due to the fact that the 200-days EMA is here and it is further bolstered by a .618 Fib Retracement.

On the other hand, if the bulls can defend $0.28 and rebound higher, resistance lies at $0.29 and $0.30. Above this, additional resistance lies at $0.308, $0.3177, and $0.35.

The RSI has dropped beneath 50 as the bears take control over the market momentum.

Key Levels

Support: $0.28, $0.27, $0.268, $0.264, $0.26, $0.25, $0.243.
Resistance: $0.29, $0.30, $0.308, $0.3177, $0.326, $0.377.

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