One thing for sure is that Ripple [XRP] has set a strong price action around the $0.2 area. Amid market ups and downs, the top cryptocurrency struggled to keep its head above waters, while preparing a bullish movement above the $0.2 mark.
However, while BTC performs its magic on the markets, XRP seems to show correlation, and sometimes, even more! This time, XRP slips below the critical $0.2 support level and this may be an indication of an inbound bear market.
XRP remains the fourth most popular cryptocurrency according to CoinMarketCap (CMC) and currently changes hands at $0.196 per unit. Over the last 24 hours, XRP gained 0.48% amid a market cap of $8.61 billion and $1.65 billion of trading volumes.
Ripple [XRP] Technical Analysis
XRP’s $0.19 price line lies between the 61.8% and 78.6% Fibonacci retracement levels. XRP is currently trading places between these points, where major support and resistance exist. Any major price movement out of this range will define XRP’s next line of action.
In the bullish scenario, a move beyond the 0.68 Fib level will turn bullish for XRP. Beyond this level resistance lies at $0.2 (50% fib level). Further resistances lie at 38.2% and 36% respectively. If the bulls keep up this momentum, this may push prices towards the $0.22 in the near term analysis.
However, a move below the 78.6% Fibo level will drive price towards $0.190 in the short term. If the bears maintain the pace, prices will fall below the critical support at 1.0 Fibo level. Beyond this level, support lies at the 1.2 and 1.4 fib level respectively. At this point, prices may fall as low as $0.18 per unit of the coin.
The 4-hour chart above displays a Resistance Strength Indicator plunging towards the oversold condition at 30%. The indicator is presently swinging around 41% and further plunge downwards is highly probable.