Ripple Price Analysis
Ripple has seen a small price drop totalling -1.95% over the past 24 hours of trading, bringing the current trading price down to around $0.3122. The cryptocurrency has now seen a -4.64% price drop over the past 7 trading days with a further -10% price fall over the past 30 trading days.
Where is Ripple ranked?
Ripple is now ranked in 2nd position as currently holds a $12.84 billion market cap valuation. The project has seen a -32% price plummet over the past 90 trading days as the 66 month old project now trades at a value that is -91% lower than the all time high price.
XRP/USD – SHORT TERM – 4HR CHART
What’s been going on?
Analysing the market from the 4HR chart above, we can see that price action has now fallen below the previously identified support, in our last article, at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.
The market has continued to fall further lower and is now approaching further support lower at a short term downside 1.414 Fibonacci Extension level (drawn in red) priced at $0.3106.
What is the current trend?
As the market has broken out of the previous trading range, the current trend is now considered bearish. For this market to now be considered bullish, we would need to see price action start to rally and break above the $0.33 handle.
What is likely to happen next?
Price action is likely to continue to fall until reaching the support at the short term downside 1.414 FIbonacci Extension level (drawn in red) priced at $0.3106.
After reaching this support, if the bearish pressure continues to build price action is then likely to fall further into more support at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.
If the market continues to fall even further lower and break below the $0.30 handle, then more support can then be expected at the short term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2989.
What if the bulls regain control?
Alternatively, if the bulls can regain control at the support at the short term downside 1.414 FIbonacci Extension level (drawn in red) priced at $0.3106 and reverse we can expect immediate higher resistance to be located at the previous support level (now resistance) at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.
Further resistance above this can then be expected at the previous short term 1.414 and 1.272 Fibonacci Extension levels (drawn in blue) priced at $0.3291 and $0.3361, respectively.
Further resistance above this can be located at the short term .618 and .5 Fibonacci Retracement levels (drawn in green) priced at $0.3449 and $0.3635, respectively.
What are the technical indicators showing?
The RSI has fallen far below the 50 handle on the 4HR chart which indicates that the bears are in solid control of the market. The RSI is rapidly approaching the oversold condition level where a short term rebound can be expected.
For this market to reverse and begin to climb higher again we will need to see the RSI heading back toward the 50 handle to indicate that the bearish momentum is showing signs of failure.