Ripple has seen a + 6.43% positive in the last 24 hours of trading. The cryptocurrency is now trading hands at a price below $ 0.40 to $ 0.3729. The market had a turbulent 7-day period with a -23% fall in prices.
- Ripple has recently broken below the $ 0,40 handle.
- The market found support for the Fibonacci retracement level of .786 for $ 0.37.
- Support to move forward; $ 0.3775, $ 0.3596, $ 0.30, $ 0.2669, $ 0.2468.
- Resistance advancing; $ 0.40, $ 0.4242, $ 0.4659, $ 0.5280, $ 0.5901.
Ripple currently holds a market capitalization value of $ 15 billion which places the project in second place, ahead of Ethereum, in terms of market capitalization rankings. The 64-month currency saw a small price increase of + 6.30 over the last 90 trading days and is now trading at a price that is -89% from the all-time high.
Ripple Technical analysis
XRP / USD – SHORT TERM – DAILY DAILY
Analyzing the market from the daily chart above, we can see that Ripple held relatively well against the dollar during the recent market turmoil compared to the rest of the cryptocurrency industry. However, a 23% price drop over a 7-day trading period is a sharp decline for any business.
We can see that, in the last 2 days, the market has found a form of strong short-term support .786 Fibonacci retracement level (drawn in green) priced at $ 0.3775. This Fibonacci retracement is measured since the market started at a low of $ 0.26 and hit a high around $ 0.80.
Going forward, if downward pressure continues in the market and price action is pushed down, we can expect immediate support below the 1,414 Fibonacci Extension level (drawn in blue) at the price of $ 0.3596. Additional support below this can then be expected at the number of psychological management rounds at $ 0.30.
If sellers continue to plunge below the $ 0.30 handle, we can expect further support and then find ourselves at the 1.618 Fibonacci Extension (blue) price at the price of $ 0.2669 followed by a longer side. bearish 1,272 Fibonacci Extension (drawn in red) priced at $ 0.2468.
Alternatively, if buyers return to the market and begin to push the market further, we can expect immediate resistance over the long term. 886 Fibonacci retracement level (drawn in black) priced at $ 0.4022. A further resistance above this can then be localized to the previous level of 1,272 Fibonacci Extension (drawn in blue) at the price of $ 0.4242 followed by the short term level .618 Fibonacci Retracement (drawn in green) at the price of $ 0.4659.
RSI is now trading very close to extreme oversold conditions. This indicates that sellers may need a break before continuing to fall further. For a signal that the downward momentum is leaving the market, we will look for the RSI to go back to the 50 handle.