Ripple Bulls Consolidates as XRP Plunged Beneath $1 – Price Analysis

XRP plunged beneath $1 amid yesterday’s total market crash. The token recovered some of the losses as bulls seem to consolidate.

XRP-USD – XRP Drops to $0.928

  • Critical support levels – $1.05, $1.00, and $0.92 – $0.9
  • Critical resistance levels – $1.20, $1.25 and $1.36

XRP has traded within an ascending channel since the token broke its symmetrical triangle at July ending. The altcoin broke out of the price channel to attain its August peak at $1.36 before climbing to $1.40. Unfortunately, yesterday’s market sell-off had XRP plunging below the ascending channel. The market negativity witnessed XRP collapsing by 33%. That had the alternative token losing the $1 mark to drop to .618 Fibonacci ($0.928). However, the alt rebounded to surge beyond $1, settling at $1.10.

XRP/USD Near-Term Price Forecast

 For now, the alternative token has its initial resistance at a 20-day moving average ($1.05). The following ones are 2018 Feb highs at $1.25, August highs at $1.36, and $1.40. On the other part, the first support area is at $1.05. The following are 50-day moving average ($1.00), 200-day moving average, and .618 Fibonacci ($0.92 – $0.9) and 2020 high at $0.8282. Recently, the RSI dropped below the midline, confirming sellers’ controlling the market

XRP-BTC – XRP Drops Below 20-day Moving Average

  • Critical support levels – 2290 BTC, 2200 BTC, and 2155 BTC
  • Critical resistance levels – 2455 BTC, 2670 BTC and 2800 BTC

Against Bitcoin, XRP surged towards 2700 BTC on Monday before declining yesterday as the total crypto market saw sell-offs. XRP plunged below the 20-day moving average before plummeting towards the 50-day MA lows at 2200 BTC.

However, bulls regrouped towards the day’s end to close the candlestick at 2400 BTC. It plunged slightly since then to trade at 2350 BTC.

XRP-BTC Near-Term Price Forecast

The crypto asset has its initial support at 2290 BTC (.382 Fibonacci). The following ones are the 50-day moving average (2200 BTC, .5 Fibonacci and 100-d Moving Average (2155 BTC), and .618 Fibonacci and 2000-day moving average (2000 BTC).

Meanwhile, the first resistance stands at the 20-day moving average (2455 BTC), followed by bearish .5 Fibonacci (2670 BTC), 2800 BTC, Bearish .618 Fibonacci (2915 BTC), and 3000 BTC.

The RSI appears to drop below the midline, confirming sellers’ control.

You can use this information to draw your crypto investment decisions.