XRP has seen a small price rebound over the past 24 hours, marking an increase of around 3.3% to $0.3455. The latest move comes after XRP dropped beneath a rising trend line, having declined by a total of 10% over the past week.
Ripple remains the third largest cryptocurrency by market value with a market cap of $14.72 billion. However, the cryptocurrency continues to fall heavily against BTC and for any recovery to occur, we will need to see a reversal in the XRP/BTC market.
Looking at the XRP/USD 1-day chart:
- Since our previous XRP/USD analysis, XRP fell beneath the rising trend line which we have been tracking. XRP also dropped below the support provided by both the 100 and 200-day EMAs. It went as low as $0.303 before rebounding to $0.3455.
- From above: The nearest level of resistance lies at $0.35. Above this, higher resistance lies at $0.3612, $0.3670, and $0.38. The resistance at $0.38 is considered very strong due to the nearby 100 and 200-day EMAs. Above $0.38, further resistance lies at $0.3909 and $0.40.
- From below: The nearest level of support now lies at $0.33, $0.32 and $0.3177. Beneath this, lower support is found at $0.31 and $0.30. The support at $0.30 should be very strong, as it has provided support to the market both this year and last. If XRP does fall below $0.30, we would not expect it to stay beneath this level for very long and anticipate support at $0.29, $0.2890, and $0.2810.
- The trading volume has been increasing during this week’s round of selling.
- The Stochastic RSI and the RSI itself are both in oversold territory. We will need to wait for a bullish crossover signal on the Stochastic RSI to indicate that a push higher is imminent.
Looking at the XRP/BTC 1-day chart:
- XRP has continued to suffer against Bitcoin, briefly falling below expected support at 3,000 satoshi. XRP has been consistently falling against BTC all year, creating fresh lows as the year has progressed. XRP/BTC has rebounded slightly and now trades at 2,950 sat.
- From above: The nearest level of resistance lies at 3,000 sat. Above this, higher resistance is found at 3,370 sat, 3,630 sat, 3,666 sat, and 4,000 sat. Above 4,000 sat, further resistance lies at 4,377 sat, 4,500 sat, and 5,000 sat.
- From below: The nearest level of support lies at 2,890 sat. Beneath this, support is located at 2,710 sat, 2,455 sat, 2,200 sat, and 2,000 sat.
- The trading volume has also increased significantly as XRP/BTC has made fresh 2019 lows.
- The Stochastic RSI is in oversold territory as we wait for a bullish crossover signal to push the market higher.
View original post