|Key XRP resistance levels||$0.423, $0.437, $0.457, $0.461, $0.48, $0.50|
|Key XRP support levels||$0.43, $0.41, $0.40, $0.3943, $0.38|
*Price at the time of writing
Ripple has finally seen a price break over the past 7 trading days which amounts to an increase of 41%, bringing the current trading price for the coin up to around $0.419. The cryptocurrency has also seen a further 7.57% price increase over the past 24 hours of trading, allowing the Ripple market to climb further away from the $0.40 level.
XRP remains ranked in 3rd position amongst the top projects by market cap value. Ripple currently holds a $17.85 billion market capitalization and is sitting $6.43 billion behind Ethereum, the second place holder.
The recent price increase has also created a fresh 2019 high for Ripple as the market managed to break away from its 4 months long sideways trading period.
Ripple price analysis
What has been going on?
Taking a look at the daily XRP/USD chart above, we can see that Ripple had broken above the 100-day moving average in yesterday’s trading session. After breaking above this indicator, the XRP/USD market went on to smash resistance levels at $0.35, $0.38 and $0.40.
We can see that the market is now struggling with resistance provided by a short term 1.272 Fibonacci Extension level (drawn in green) priced at $0.4235.
Ripple price short-term prediction: Bullish
The recent break above the $0.40 level has now rendered the Ripple market as a bullish market in the short term. If the bears re-enter the market and push price action lower, we can expect the $0.40 level to provide strong support moving forward.
In case the sellers do manage to push the market beneath the $0.40 level, we can expect immediate support beneath the market to be located at $0.38, $0.36 and $0.35.
Ripple price medium-term prediction: Bullish
Over the medium term, Ripple is also now within a bullish trading condition. If the bullish pressure can continue further higher to push XRP/USD above the resistance at $0.4235, we can expect immediate resistance above then to be located at the short term 1.414 Fibonacci Extension level (drawn in green) priced at $0.4376. Above this, higher resistance is then expected at the 1.618 Fibonacci Extension level (drawn in green) priced at $0.4579.
If the buyers break above $0.4579, there is still close resistance above at the bearish .618 FIbonacci Retracement level (drawn in red) priced at $0.4617. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.
Above $0.4617, more resistance lies at $0.48 and $0.50.
What are the technical indicators reading?
The RSI has recently reached extreme overbought conditions, which could indicate that the buyers may become slightly exhausted. Furthermore, the Stochastic RSI has also reached overbought conditions and is preparing for a crossover below, signaling that the bulls may have run out of energy and that a retracement is on the cards.
Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potential of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.