XRP Price Analysis

The Ripple market had surged by 14%, from a low of $0.30 to a high of $0.3486, after the announcement fro Coinbase that Ripple would be traded on their top-flight trading platform.

Ripple is now up by a total of 6% over the past 24 hours of trading as the cryptocurrency now trades at a value of $0.3277.

Where Is XRP Currently Ranked?

Ripple remains ranked in 3rd position as it presently holds a $13.55 billion market cap valuation. However, the cryptocurrency is currently closing in on second position holder, Ethereum, as it only sits around $1 billion away in market cap value.

XRP/USD

XRP/USD – 4 HR – MEDIUM TERM

What Has Happened Since Our Last Ripple Analysis?

The market has whipsawed since our previous Ripple analysis. We can see that XRP/USD had met resistance at the .618 Fibonacci Retracement level (Drawn in green) priced at $0.3449 following our last analysis.

On Sunday, February 24 2109, the BTC/USD market had experienced a sharp downturn after placing its 2019 high, which had also caused the rest of the cryptocurrency market to collapse also. We can see that, during this time, XRP/USD had fallen into support at the .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.

It was from here where the Coinbase addition announcement had then caused Ripple to whipsaw higher once again back into the resistance at the $0.3499 level. Price action has since fallen slightly and is now trading at support around the $0.3257 level.

What Is The Current Trend?

The current trend within the market is presently neutral. If price action was to break above the $0.35 level we can consider this market bullish. For this market to be considered bearish, we would need to see price action fall and break beneath the $0.30 support level.

Where Can We Go From Here?

If the bulls can hold the support at $0.3257 and continue to climb higher, we can expect immediate higher resistance to be located at the $0.3329 level. Further resistance above this will then be expected at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449.

If the buyers can continue to push price action above the $0.35 handle, we can then expect further resistance above to be located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in orange) priced at $0.3524 and $0.3612, respectively.

What If The Bears Push The Market Lower?

Alternatively, if the sellers regroup and push XRP/USD below the support at the $0.3257 level, we can then expect more support beneath to be located at the .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.

If the bearish momentum continues to push price action beneath the $0.31 handle, we can then expect further support beneath this to be located at the .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.

Let us continue to take a quick look at XRP/BTC and highlight some potential areas of support and resistance moving forward.

XRP/BTC

XRP/BTC – 1 DAY – MEDIUM TERM

What Has Been Going On?

Taking a look at the daily XRP/BTC chart above, we can see that price action has been consistently falling since the start of the year as price action fell from 9714 SATS all the way to a low of 7922 SATS during February. We can see that the downturn had stalled at a downside 1.618 Fibonacci Extension level (drawn in pink) priced at 7922 SATS.

After the market had reached this level of support and upon the news of the addition to Coinbase, we can see that price action had surged into resistance provided by the short term .382 Fibonacci Retracement level (drawn in green) priced at 8543 SATS.

Price action has since fallen and is now trading around 8386 SATS.

What Is The Current Trend?

The current trading trend for XRP/BTC remains bearish. For this market to be considered bullish, we would need to see price action make a higher high above the 8800 SATS handle.

Where Can We Go From Here?

If the sellers continue to push price action for XRP/BTC lower, we can expect immediate support toward the downside to be located at the downside 1.414 Fibonacci Extension level (drawn in pink) priced at 8276 SATS.

Further support beneath this is then expected at the .5 Fibonacci Retracement level (drawn in green) priced at 8076 SATS followed by support at the downside 1.618 Fibonacci Extension level (drawn in pink) priced at 7922 SATS.

What If The Bulls Push The Market Higher?

Alternatively, if the buyers can gather momentum and begin to push XRP/BTC higher again we can expect immediate resistance above to be located at the .382 Fibonacci Retracement level (drawn in green) priced at 8543.

If the buying pressure continues to drive XRP/BTC above the resistance at 8800 SATS, further resistance above can then be expected at the bearish .382 and .5 Fibonacci Retracement levels (drawn in red) priced at 9065 SATS and 9390 SATS, respectively.