XRP Correction Time – Ripple Loses Over 30% Daily, Where Is The Bottom? (Price Analysis)


XRP/USD – 33% Plummet Sees XRP Hitting $0.5 Support

Key Support Levels: $0.5, $0.45, $0.435.
Key Resistance Levels: $0.55, $0.6, $0.65.

XRP surged higher this week as it rallied into the $0.75 resistance level. Unfortunately, it was unable to break this resistance, which caused the coin to roll over yesterday. Today, the steep Bitcoin price drop caused XRP to head lower as it crashed into the support at the $0.5 level – provided by a .5 Fib Retracement.

XRP spiked further beneath this to hit $0.46 for a total of around 33% losses over the past 24 hours but it has recovered slightly since then.

XRP/USD 4HR Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the sellers break $0.5, the first level of support lies at $0.45. Beneath this, support is located at $0.435 (.618 Fib), $0.4, and $0.35 (2020 High).

On the other side, the first level of resistance lies at $0.556 (2019 Highs). Above this, resistance lies at $0.6, $0.65 (bearish .786 Fib), and $0.75.

The 4HR RSI is in extremely oversold conditions, suggesting that the selling pressure should subside pretty soon and allow XRP to push higher again.

XRP/BTC – Sellers Drop XRP into .5 Fib Retracement

Key Support Levels: 2900 SAT, 2585 SAT, 2450 SAT.
Key Resistance Levels: 3200 SAT, 3360 SAT, 3600 SAT.

XRP also fell today against Bitcoin as it dropped from 3785 SAT (OCtober 2019 highs) to break beneath 3000 SAT and meet the support at 2900 SAT (.5 Fib Retracement).

The coin has since rebounded from here to climb back above 3000 SAT.

XRP/BTC 4HR Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the sellers push back beneath 3000 SAT, the first level of support lies at 2900 SAT. Beneath this, support lies at 2585 SAT (.618 Fib), 2450 SAT, and 2200 SAT.

Alternatively, if the buyers push higher, the first level of resistance lies at 3200 SAT. Above this, resistance is located at 3360 SAT (2020 highs), 3600 SAT, and 3785 SAT (Oct 19’ Highs).

Likewise, the 4HR Stochastic RSI is extremely oversold here, suggesting the selling pressure should dissipate soon.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source link Crypto Potato

Be the first to comment

Leave a Reply

Your email address will not be published.