Home Ripple Ripple Price Analysis: Following Bitcoin Plunge, XRP Drops Back Into $0.42 Support Area – CryptoPotato

Ripple Price Analysis: Following Bitcoin Plunge, XRP Drops Back Into $0.42 Support Area – CryptoPotato

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Ripple has seen a steep fall, which totals over 12% throughout the past 24 hours of trading, bringing the current price for the coin down to around $0.42. Although the cryptocurrency has been struggling against BTC during 2019, this most recent price fall is a result of Bitcoin dropping by about 8%.

Ripple has seen an approximate 38% price increase over the past three months, poor when compared with its largest cryptos competitors Ethereum (+116%) and Bitcoin Cash (+152%). So far this month, June 2019, Ripple had managed to close above significant resistance around the $0.46 level and had even created a fresh 2019 high at $0.5504.

Ripple continues to hold the third top position amongst the largest projects by market cap value as it holds an $18 billion market cap.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP has failed to maintain above the $0.48 resistance level and has rejected since then. The coin has recently found some form of support at a rising support trend line, after dipping much further lower, just to rebound around the 200-days EMA at $0.3790.
  • From above: The nearest level of resistance now lies at $0.44. Above this, we can find higher resistance at $0.46 and $0.48. If the bulls can break above the $0.48 resistance, further resistance levels lie at $0.50, $0.5085, $0.52, $0.56 and $0.5550.
  • From below: The nearest level of support lies at the rising trend line. Beneath this, further significant support lies at $0.40, $0.39, $0.3780 (contains both the daily 100 EMA and 200 EMA) and $0.36.
  • The trading volume has increased sharply during the past few days of bearishness.
  • The RSI has recently dropped beneath the 50 level to indicate that the bears have taken control of the market momentum. Furthermore, the Stochastic RSI has recently produced a bearish crossover signal which had resulted in the market falling.

xrpusd_jun27

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see that Ripple has fallen much further lower than our mentioned support at the 4000 SAT level, which had provided strong support for the market during September 2018. XRP has continued to fall further lower until finding support at 3370 SAT (downside 1.414 Fib Extension level) where a rebound was seen.
  • From above: The nearest level of resistance now lies at 3630 SAT followed with the next level of support turned resistance at 4000 SAT. Higher resistance is located at 4375 SAT, 5000 SAT, 5300 SAT, and 5570 SAT (contains 100 day EMA).
  • From below: The nearest level of support now lies at 3370 SAT. Beneath this, further support can be expected at 3300 SAT, 3200 SAT, 3100 SAT and 3000 SAT.
  • The Stochastic RSI is currently in extreme oversold conditions but has been here for a few weeks now. We will be waiting for the bullish crossover.

xrpbtc_jun27

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