- XRP saw a sharp 17% price drop over the past week, making it the weakest performing top-3 cryptocurrency.
- Although the momentum has slipped into bearish favor, the bulls battle to remain above the 200-days EMA.
XRP dropped by a steep 17.6% over the past week, bringing the price for the cryptocurrency down to $0.273. It had rolled over at resistance at around $0.337 and started to decline. We were hoping the support at $0.28 (.5 Fib Retracement) would hold, however, it has since dropped further lower.
XRP remains ranked as the 3rd-largest cryptocurrency with a total market cap value of around $12.00 billion.
XRP Price Analysis
XRP/USD – Daily CHART – SHORT TERM
Since our last analysis, XRP dropped beneath the support at the .5 Fib Retracement level and continued further lower. We can see that it is finding support at $0.268 as the bulls manage to keep the market above the 200-day EMA.
Short term prediction: NEUTRAL
XRP remains neutral but is in danger of turning bearish if it was to fall beneath the support at $0.24. It would need to climb above $0.3 to turn bullish again.
If the sellers push beneath the support at $0.268, the first level of additional support is expected at $).264. This is provided by the .618 Fib retracement and further bolstered by the 200-days EMA and therefore is considered as pretty strong.
Beneath this, support lies at $0.26, $0.25 (100-days EMA) and $0.243.
On the other hand, resistance is expected at $0.28, $0.29, and $0.30. If they can break $0.30 the market would be considered as bullish again. Above this, resistance lies at $0.308, $0.3177 and $0.3262.
The RSI has indeed slipped beneath the 50 level to show that the sellers have taken charge of the market momentum right now.
Support: $0.268, $0.264, $0.26, $0.25, $0.243.
Resistance: $0.28, $0.29, $0.30, $0.308, $0.3177, $0.326, $0.377.
Source: Coin Gape