Ripple Price Analysis

Ripple has seen a small price increase totalling +0.34% over the past 24 hours of trading, bringing the current trading price up to around $0.3325, at the time of writing. Ripple has seen a small price decline totalling -0.71% over the past 7 trading days with a further -14.25% over the past 30 trading days.

Where is Ripple ranked?

Ripple has reclaimed the number 2 ranked position as it currently holds a $13.55 billion market cap value. The cross-border payments solution has seen a -28% price decline over the past 90 trading days as the 65 month old project now trades at a value that is 90% lower than the all time high price.

Support moving forward – $0.3291, $0.3191, $0.3028, $0.2858.

Resistance moving forward – $0.3361, $0.3449, $0.3635, $0.3943, $0.4178, $0.4280.

XRP/USD – SHORT TERM – DAILY CHART

What’s been going on?

Since our last Ripple analysis, we can see that Ripple was still unable to overcome the bearish .382 FIbonacci Retracement level (drawn in red) priced at $0.3943. The market began trading in 2019 between this aforementioned resistance level and the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.3635.

However, on January 10 2019, price action plummeted below this support level and continued to drop over the following days until finding further support below at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.

Where are we now?

The market has since rebounded from this level but was unable to overcome resistance at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449 and thus has established a trading range between $0.3449 and $0.3185.

What is the current trend?

As the market is trading within the confines of a range, the market trend is currently neutral. If price action breaks below the bottom support of the trading range we can then consider the market to be bearish.

Where can we go from here?

If the bulls begin to push price action higher, they will first meet resistance at the short term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.3361, closely followed by more support at the upper boundary of the trading range at $0.3449.

If the buyers can push price action above the trading range, we can expect higher resistance to then be located at the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.3635.

If the bulls can continue to break above the $0.38 handle then more resistance above can be expected at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.3943. Higher resistance above this can then be expected at the previous short term 1.272 Fibonacci Extension level (drawn in purple) priced at $0.4178. This is closely followed by further resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.4280.

What if the bears take control?

Alternatively, if the bears begin to take control and begin to push price action lower, we can expect immediate support below to be located at the short term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.3291.

This is followed by further support at the lower boundary of the trading range priced at $0.3185. It is important to highlight that the support at the lower boundary contains both the short term .786 Fibonacci Retracement level (drawn in green) and the downside 1.618 Fibonacci Extension level (drawn in blue) created a strong support area.

If the sellers manage to push price action below the trading range we can then expect more support to be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.

IF price action breaks below the $0.30 handle we can expect lower support to then be at the previous long term downside 1.414 Fibonacci Extension level priced at $0.2858.

What are the technical indicators showing?

The RSI is trading below the 50 handle indicating that the bears are in control of the market momentum. However, the RSI has been rising which shows that the bearish pressure is beginning to fade. If the RSI breaks above 50 we can expect price action to head back toward the upper boundary of the trading range.