Over the past week, Ripple (XRP) may have seen a very steep 10% price drop but in a short time it managed to bounce back from a very strong support and is now battling to break above the $0.40 resistance level.
Amongst the top cryptocurrency projects, Ripple, ranked in 3rd place by market cap value, has only seen a small 28% price increase over the past 3 months of trading. In contrast, the rest of the top 5 cryptocurrency projects have seen have all increased by more than 100% in the same period. This leads us to believe that once XRP breaks above the $0.46 resistance level, it has a long way ahead to catch up to this year’s growth of its competition.
XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, we can see that XRP/USD went on to fall lower but had managed to rebound at the strong support around the $0.3790 level, provided by a short term .5 Fibonacci Retracement level. XRP/USD has rebounded from this level of support and is now attempting to break $0.40.
- From above: The nearest level of resistance above now lies at $0.40. Beyond this, higher resistance is expected at $0.4235, $0.4375 and $0.46. If the buyers break above $0.46, higher resistance is then located at $0.48 and $0.50. Above $0.50, further resistance lies at $0.5085 and $0.5375.
- From below: The nearest level of support now lies at $0.3790. Beneath this, further support lies $0.36, which is bolstered by the 100 days EMA. Beneath $0.36, support is expected at $0.35, $0.34 and $0.3203.
- The trading volume remains below average but is still relatively high.
- The Stochastic RSI is in oversold conditions as we wait for a bullish crossover to signal a push higher.