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XRP Price Analysis: XRP Bulls Continue to Struggle Near $0.23

 


The year 2019 has been the most volatile year for Cryptocurrency so far, the price has spiked in one moment and in the other moment the price crash to lowest values. XRP is one of the best-performing coins of 2019, while many coins appear losing their grip on the top 100 list where Bitcoin Cash’s top 4th Cryptocurrency by marketcap has taken over by tether, XRP is strongly protecting it’s top 3rd Cryptocurrency Title.

The Bitcoin dominance and price crash is pushing the whole market down so as XRP, appears to be under bearish pressure. The price of XRP has been consolidating within a triangle pattern and is now testing support at the 0.23 area.

Priorly, Ripple dropped below $0.2650 support line and continued falling below the $0.22501 support line as well against the USD. It touched near $0.2062 USD and the price reversed and started to climb upwards. It tackled the resistance levels at $0.2250 and $0.2300 and now ripple has territorialized the $0.2300 mark as its new support base.

But it is observed that ripple has resistances at $0.2450 and $0.2500, ripple could climb until $0.02550 or $0.2650, then it would plummet down the resistance at $0.2440 showing a bearish behaviour. $0.2244 was the low mark before Ripple climbed back, it climbed over the $0.2350 resistance level.

However, XRP crossed the 50% Fib retracement level of the prior decrease from $0.2502 to $0.2244. XRP has strong resistance at $0.2450 level. A bearish line can also be viewed at $0.2440 mark, this bearish line is near to the 76.4% Fib retracement level.

Above the trend line, resistance is visualized at both $0.2500 & $0.2550 mark. This could estimate that XRP could rise until $0.2500 or $0.2650 resistance level before hurdling down.

Strong recovery of ripple can only be considered if it rises above the $0.2650 resistance, otherwise, Ripple will travel south and touch the support levels at $0.2320 & $0.2300and reside at $0.2060.

The MACD for XRP against USD is sliding into the Bearish zone. XRP has $0.2300, $0.2250 and $0.2200 as the major support levels and $0.2450, $0.2550 and $0.2650 are the major resistance levels.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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