XRP has seen a 7.58% price increase over the past 24 hours of trading, bringing the current trading price up to $0.3161, at the time of writing.
The cryptocurrency has now seen a 1% price drop over the past 7 trading days, with a further 12% price fall over the past trading month and a 31% price decline over the past 90 trading days. It now trades at a value that is 91% lower than its all time high price.
Ripple is still ranked in 2nd position as it currently holds a $12.88 billion market cap valuation.
Since our last XRP/USD analysis, we can see that price action went on to break below our previously identified support at the short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.2924.
The market headed further lower until it reached more support at the medium-term downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.2858.
After reaching this level of support at $0.2858, the market proceeded to reverse and rally aggressively. We can see that price action went on to surge over the following couple of days until higher resistance was met close to the short-term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449.
More specifically, the market had met strong resistance at a previous short-term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.3361.
XRP/USD has rolled over slightly after reaching the level of aforementioned resistance, and has now dropped below the short-term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.
The trend is now considered to be neutral after the recent price surge. For this market to be considered bearish, we would need to see price action break back below the $0.30 handle.
For this market to be considered bullish, price action would have to break and hold above $0.3361.
Considering that the market has recently rolled over pretty aggressively, we can assume that price action will be heading further lower in the short term.
If the market does head lower, we can expect support to be located at the short-term downside 1.414 FIbonacci Extension level (drawn in red) priced at $0.3106. This is followed by more support at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.
If XRP/USD heads further beneath the $0.30 handle, there is more support beneath at the short-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.2924.
Further support below $0.2924 can be expected at the medium-term downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.2858.
Alternatively, if the market heads into the short-term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028 and the bulls manage to defend this area and push price action higher, we can expect immediate higher resistance to be located at the previous short-term downside 1.272 FIbonacci Extension level (drawn in blue) priced at $0.3361.
Resistance above this level can be found at the short-term .618 and .5 Fibonacci Retracement level (drawn in green) priced at $0.3449 and $0.3635, respectively.
Taking a look at the XRP/BTC market from the 4HR perspective above, we can see that since our last analysis, XRP/BTC fell into our identified support at the short-term downside 1.618 Fibonacci Retracement level (drawn in purple) priced at 8,283 SATS.
After the market hit this level of support, price action reversed and began to travel higher again. It rapidly surged until the market met resistance at the bearish .5 FIbonacci Retracement level (drawn in red) priced at 9,390 SATS. This bearish Fibonacci Retracement level is measured from the high seen in December 2018 to the low of January 2019.
Price action has since rolled over at the aforementioned resistance level and is rapidly approaching long-term support at the .618 Fibonacci Retracement level (drawn in brown) priced at 8,969 SATS.
The market was bullish for a short period of time. However, as price action is returning toward the 9,000 SATS handle again, it has rendered XRP/BTC neutral.
For this market to be considered bullish, price action needs to break above the 9,390 SATS handle. A break below the 8,283 SATS handle would signal a bearish market.
If the bulls can defend the support at the long-term .618 Fibonacci Retracement support (drawn in brown) priced at 8,969 SATS and cause XRP/BTC to travel higher again, we can expect resistance above to be located at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 9,390 SATS.
Further higher resistance above this can then be expected at the bearish .618 and .786 Fibonacci Retracement levels (drawn in red), priced at 9,714 SATS and 10,176 SATS, respectively.
Alternatively, if the sellers continue to push XRP/BTC below the 8,969 SATS handle, we can expect further support beneath to be located at the downside short-term 1.272 Fibonacci Extension level (drawn in purple) priced at 8,805 SATS.
There is further support below at the short-term .382 Fibonacci Retracement level (drawn in green) priced at 8,543 SATS, followed closely by more support at the short-term downside 1.618 Fibonacci Extension level (drawn in puprle) priced at 8,283 SATS.
The Ripple market has undergone an aggressive price surge recently. The next couple of days will determine if this price rally can continue further higher or if the market will begin to trend lower again.
We will be closely watching to see if XRP price action can remain above the $0.31 handle to prevent price action heading lower.
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