Ripple Price Analysis

Ripple has been slowly grinding higher after increasing by 6.82% over the past week. In fact, the market has surged a total of 15% since the January 2019 low at $0.2850 to the current trading price at $0.3280, at the time of writing.

Where is Ripple ranked?

Ripple is ranked in 3rd position as it currently holds a $13.31 billion market cap valuation. It presently sits $2.27 billion behind second place holder, Ethereum. The 67 month old project now sits at a value that is 91% lower than the all time high price.

Let us take a look at the XRP/USD market over the recent period and highlight some potential areas of support and resistance moving forward.

XRP/USD – MEDIUM TERM – 4HR CHART

What has happened since our last analysis?

Since our last analysis, we can see that price action had broken below the support at the .886 Fibonacci Retracement level (drawn in green) priced at $0.3029 and continued further lower into the December 2018 low at the long term downside 1.414 Fibonacci Extension level (drawn in plum) priced at $0.2858.

After reaching this support, the market rebounded and began to trade within a consolidation pattern within the confines of a symmetrical triangle through the majority of February 2019.

We can see that the XRP/USD market had broken toward the upside of the triangle around February 18 and then continues to rise. The market then surged into resistance at the .618 Fibonacci Retracement level (drawn in green) priced at $0.3449. More specifically, the market had found resistance at the short term 1.272 Fibonacci Extension level (drawn in orange) priced at $0.3462.

Price action has since fallen and is now trading underneath the $0.33 resistance level.

What is the current trend?

The current trend of the market is currently neutral. A break beneath the $0.3150 level would turn the market bearish and a break above $0.35 would turn the market bullish again.

Where can we go from here?

If the bulls can regain control of the market and begin to climb higher, they will meet resistance immediately at the $0.33 and $0.3329 handles. Further resistance above $0.34 will then be located at the short term 1.272 Fibonacci Extension level (drawn in orange) priced at $0.3462.

If the buyers can continue to climb further higher then more resistance can 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 take control?

Alternatively, if the bears regroup and begin to push price action lower, we can expect immediate support at the .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.

Support beneath this level can then be expected at the .886 Fibonacci Retracement level (Drawn in green) priced at $0.3028.

What are the technical indicators showing?

The RSI is currently trading at the 50 handle which indicates the indecision within the market. If the RSI can climb above 50 and travel upward we can expect price action to travel higher again.