- Support for XRP: $ 0.3118, $ 0.3106, $ 0.3028, $ 0.2989, $ 0.2858.
- Resistance for XRP go forward: $ 0.3291, $ 0.3361, $ 0.3449, $ 0.3635, $ 0.3943.
Latest news from Ripple
Ripple CEO, Brad Garlinghouse, remains optimistic about growth. He recently stated that he believes that cryptocurrency is in the midst of achieving greater adoption, demonstrating the increase in the number of partnerships that the company has created.
In other Ripple news, the blockchain company, R3, has recently launched its Corda network. XRP will benefit because it is the first cryptocurrency to be supported by the Corda Settler app.
XRP / USD price analysis
Analyzing the market from the perspective of 4 hours above, we can see that the market has now reached the lower limit of the trading range (previously identified in our last XRP / USD analysis) short-term .786 Fibonacci retracement level (drawn in green) priced at $ 0.3185.
The market tried to overcome the upper limit of the short-term trading range .618 Fibonacci Extension level (drawn in green) for $ 0.3449 but failed to close above this level. This could be largely due to the fact that the BTC / USD has seen prices fall by around 7% this week.
The market is still within the trading range between $ 0.3449 and $ 0.3185, bringing the current trading condition to be neutral.
However, if the XRP / BTC or BTC / USD falls lower and the XRP / USD breaks below the $ 0.3185 support at the lower limit of the trading range, our trading condition it will turn into a bearish position.
Where is the support located below the bargaining range?
If sellers are able to push prices below the established trading range, we can expect further immediate support towards the downside to be at 1.414 Fibonacci Extension level in the medium term (drawn in red) at the price of $ 0.3106.
The next support is located in the short term .886 Fibonacci retracement level (traced in green) for $ 0.3028.
If bears continue to drive prices further below the $ 0.30 handle, expect more medium-term support at 1.68 Fibonacci Extension (drawn in red) for $ 0.2989. This is followed by the previous long-term downgrade 1.414 Fibonacci Extension level (drawn in lilac) priced at $ 0.2858.
Where is resistance now above the market?
Alternatively, if the bulls start to reorganize and drive the highest price action for XRP / USD, we can expect the immediate support above to be localized to the previous short-term downtrend 1.414 and 1.272 Fibonacci Extension Levels (plotted in blue) priced at $ 0.3291 and $ 0.3361, respectively.
A further resistance above this level can be found at the upper limit of the short-term interval .618 Fibonacci retracement level (drawn in green) priced at $ 0.3449.
If buyers can push price action above the current trading interval, a higher resistance is found in the short term. 5 Fibonacci retracement level (drawn in green) for $ 0 , 3635. More resistance is found at the Fibonacci .382 retracement level (drawn in red) for $ 0.3943.
XRP / BTC price analysis
Analyzing the market in recent months on the daily table above, we can see that after the market rebounded to a minimum of 6,083 SATS on October 12, 2018, it continued to increase by a total of 65% and reached a high level of about 10.186 SATS on December 25th 2018.
This price increase occurred at a time, largely in November 2018, when the rest of the cryptocurrency industry was experiencing market capitulation while price action collapsed for most cryptocurrencies .
Price action is now negotiated over the long term. 618 Fibonacci retracement level (drawn in red) at the price of 8,986 SATS. This long-term retracement of Fibonacci is measured from the low of December 2017 to the high of January 2018.
The market is traded within the confines of the previous upper swinging leg, so it is still in a neutral commercial condition.
For XRP / BTC to be considered bullish, we would need to see price action clearly break above the 10,000 SATS handle.
Where is the support below the current market price?
If sellers increase the pressure and start pushing the price trend downwards, we can expect immediate support towards the negative side to be localized in the short term .382 and .5 Fibonacci retracement levels (traced in green), at the price of 8,543 SATS and 8,076 SATS respectively.
Further support below this can be expected in the short term .618 and .786 Fibonacci retracement levels (traced in green), at the price of 7.608 SATS and 6.944 SATS respectively.
Where is the resistance above the market?
If buyers begin to reorganize and push price action above current long-term support .618 Fibonacci retracement level (drawn in red) at the price of 8,969 SATS, the bulls will encounter greater resistance to the handle of 10,000 SATS.
If the bulls are able to overcome 10,000 SATS, expect greater resistance to the short-term levels of 1,272 and 1,414 Fibonacci Extension (marked in red), with a price of 10,830 SATS and 11,356 SATS respectively.
A further resistance above this can be found at the Fibonacci retracement level .5 (drawn in red) at a price of 11,536 SATS.
What are the technical indicators that show?
The RSI is below level 50 indicating that bears have control of the moment in the market. This means that the price action for XRP / BTC could be lower in the coming days.
The XRP / USD is at a critical level that will determine if the coming weeks could be bearish.
If the market breaks below the lower limit of $ 0.31, we can expect price action to lead to further support below $ 0.30 or even lower.