XRP has experienced a very sharp price decrease of around 10% over the past 24 hours, falling beneath the 2019 strong support at $0.30 to $0.2598. The decline is perhaps due to Bitcoin’s plunge today.
XRP remains the third-largest cryptocurrency by market value with a market cap of $11.27 billion. However, it looks like things may get worse before they get better. XRP will need to make some serious gains against BTC to get back above the $0.30 support level.
Looking at the XRP/USD 1-day chart:
- Since our previous XRP/USD analysis, XRP plummeted beneath the $0.30 level and continued to fall until reaching support around $0.2584. XRP went as low as $0.24 but managed to rebound slightly.
- From above: The nearest levels of resistance are located at $0.2687 and $0.27. Above this, higher resistance lies at $0.2747, $0.28, and $0.2811. If the bulls can push XRP/USD higher, further resistance is found at $0.2890 before the market is free to make another attempt at $0.30.
- From below: If the price breaks beneath the current support at $0.2584, we can expect the next levels of support to be located at $0.2518 and $0.25. Beneath $0.24, further support lies at $0.2450, $0.2407, and $0.2350.
- The trading volume saw a sudden surge during the latest selloff.
- The RSI has plummeted into extremely oversold conditions and levels not seen since December 2018. We do not expect the RSI to stay here for very long, which is why we expect a rebound sometime soon.
Looking at the XRP/BTC 1-day chart:
- Trading against Bitcoin, XRP is showing some promise after rebounding at the 2,455 satoshi level. The cryptocurrency’s price has managed to remain above it (except for a brief dip below) and is currently around 2,600 sat.
- From above: The nearest level of resistance lies at 2,710 sat. Above this, higher resistance lies at 2,893 sat and 3,000 sat. If the bulls can move the market above 3,000 sat, higher resistance lies at 3,200 sat, 3,400 sat, and 3,666 sat.
- From below: The nearest level of support lies at 2,600 sat. If the price breaks beneath it, further support is located at 2,455 sat, 2,400 sat, 2,200 sat and 2,000 sat.
- The trading volume has increased dramatically over the past couple of days.
- The RSI made an attempt to break above 50 but failed to do so. This showed that the sellers remain in control of the market.