Ripple Price Analysis: XRP Rebounds From Support Around $0.35

  • Ripple remains strong in second position in terms of market cap rankings.
  • The market has found a form of strong support at the $0.35 handle as price action attempts to rebound.
  • Support moving forward: $0.3596, $0.3249, $0.30, $0.2669, $0.2468.
  • Resistance moving forward: $0.3775, $0.4022, $0.4242, 40.4659, $0.50, $0.5280, $0.5901, $0.60, $0.6852, $0.7327.

Ripple has experienced a small rebound totaling 4.82% against the USD over the past 24 hours of trading, after a 2-week period of declining prices. The cryptocurrency is now exchanging hands at around $0.3693 after suffering a 7-day price decline amounting to 15%.

Ripple continues to hold the #2 position with a total market cap of $14.89 billion, putting them over $3 billion ahead of Ethereum’s market cap. XRP/USD has seen a 30-day price plummet of 19% as the 64-month old coin now trades at a price that is 89% lower than the all-time high price.

Let us continue to analyze price action for XRP over the short term and highlight any potential support and resistance zones moving forward.

XRP Price Analysis

XRP/USD – SHORT TERM – DAILY CHART

XRP/USD

Assessing XRP/USD from the short-term perspective above, we can see that XRP has been declining over the second half of November 2018.

Price action had briefly dropped towards support provided by the short-term .886 Fibonacci Retracement level (drawn in green) priced at $0.3249 before rebounding slightly.

XRP/USD is now trading above a strong support level provided by a downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.3596 as the market now attempts to break above resistance provided by the short-term .786 Fibonacci Retracement level (drawn in green) priced at $0.3775.

Looking ahead, if the bulls can continue with their recently-established rebound and push the market above the $0.37 resistance level, initial resistance above can be located at the long-term .886 Fibonacci Retracement level (drawn in black) priced at $0.4022, followed by the previous downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.4242.

If the buyers can proceed to break above the $0.4242 handle, then higher resistance above can be expected at the short-term .618 and .5 Fibonacci Retracement levels (drawn in green), priced at $0.4659 and $0.5280 respectively,. This is followed closely by the short-term .382 Fibonacci Retracement level (drawn in green) priced at $0.5901.

If the bullish momentum can cause the market to travel higher above $0.60, more resistance toward the upside will then be expected at the short-term upside 1.272 and 1.414 Fibonacci Extension levels (drawn in lilac), priced at $0.6852 and $0.7327 respectively.

Alternatively, in our bearish scenario, if the selling pressure re-ignites to push XRP/USD below the support at $0.3596, we can expect immediate significant support below to be located at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $0.3249.

Further support below $0.32 can be located at the medium-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.2669, followed by the long-term downside 1.272 Fibonacci Extension level (drawn in red) priced at $0.2468.

The RSI has recently turned itself upward, away from oversold conditions. This may serve as an indication that the previous selling momentum is starting to lose steam which may allow XRP/USD to rebound.

If the RSI continues to head toward the 50 handle and eventually breaks above, we can expect XRP/USD to begin regaining some of the losses incurred during the second half of November 2018.

Let us continue to analyze price action for XRP/BTC over the short term and highlight any potential areas of support and resistance moving forward.

XRP/BTC – SHORT TERM – DAILY CHART

Evaluating XRP/BTC from the short-term perspective above, we can see that despite the turmoil within the cryptocurrency industry during November 2018, XRP has continued to appreciate against Bitcoin. In fact, XRP has appreciated against BTC by a total of 57% during the aforementioned month from low-to-high.

The market has found the resistance provided by the short-term .236 Fibonacci Retracement level (drawn in green) priced at 9,716 SATS a difficult position to overcome.

Moving forward, if the bullish momentum succeeds in pushing XRP/BTC above the 9,716 SATS handle, we can expect immediate resistance higher to be located at the psychological round numbers of 10,000 SATS, closely followed by 10,500 SATS.

If the buyers then continue to push XRP/BTC above 11,000 SATS, higher resistance will be located at the long-term .5 Fibonacci Retracement level (drawn in red) priced at 11,536 SATS. Extra resistance above the 12,000 SATS handle will be located at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in purple), priced at 12,606 SATS and 13,333 SATS respectively.

On the other hand, if the bears manage to take over the market momentum and push price action lower, we can expect immediate support beneath to be located at the long-term .618 Fibonacci Retracement level (drawn in red) priced at 8,969 SATS, followed by the short-term .382 Fibonacci Retracement level (drawn in green) priced at 8,640 SATS.

If the sellers continue to drive price action further lower, more support below can be expected at the short-term .5 and .618 Fibonacci Retracement levels (drawn in green) priced at 7,771 SATS and 6,901 SATS respectively.

If they continue to break below support at the long-term .786 Fibonacci Retracement level (drawn in red) priced at 5,315 SATS, we can expect further strong support below to be located at the 4,000 SATS handle.

The RSI within XRP/BTC has been declining which could indicate that the bulls have ran out of momentum within the market.

However, we would need to see a break below the 50 handle to confirm that the bears have successfully taken control over the momentum within XRP/BTC. If the RSI can rebound and remain above the 50 handle, we could expect XRP/BTC to travel further above 10,000 SATS relatively soon.

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