XRP

Ripple’s XRP Analysis – Recap and Mid-Day Review – 17/07/19

Ripple’s XRP slid by 5.71% on Tuesday. Reversing a 2.75% gain from Monday, Ripple’s XRP ended the day at $0.29435.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.31878 before hitting reverse.

Falling short of the first major resistance level at $0.3252, Ripple’s XRP slid to a late afternoon intraday low $0.28250.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2967 to come within range of the second major support level at $0.2813.

Finding support from the broader market, Ripple’s XRP bounced back to $0.3090 levels before falling back to sub-$0.30 levels.

The late pullback saw Ripple’s XRP fall back through the first major support level at $0.2967.

The extended bearish trend formed at late April 2018’s swing hi $0.97181 remained firmly intact. Ripple’s XRP continued to fall well short of the 23.6% FIB of $0.4164 following the current month sell-off.

For the current month, Ripple’s XRP was down by 25.4% to the end of Tuesday.

This Morning

At the time of writing, Ripple’s XRP was up 1.46% to $0.29864. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.2916 before rising to a high $0.30397.

In spite of the choppy day, Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 17/07/19 Daily Chart

For the Rest of the Day

Ripple’s XRP would need to steer clear of sub-$0.2980 levels to support upward momentum through the day.

A move through the morning high $0.30397 would bring the first major resistance level at $0.3146 into play.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.30 levels.

In the event of an extended crypto rally through the day, Tuesday’s high $0.31878 would likely limit any upside on the day.

Failure to steer clear of sub-$0.2980 levels could see Ripple’s XRP slide through the morning low $0.2916 to sub-$0.29 levels.

Barring a broad-based crypto sell-off, Ripple’s XRP should steer well clear of the first major support level at $0.2783. In the event of another crypto meltdown, a fall through to Tuesday’s low $0.2825 would bring sub-$0.28 levels into play.

Looking at the Technical Indicators

Major Support Level: $0.2783

Major Resistance Level: $0.3146

23.6% FIB Retracement Level: $0.4164

38% FIB Retracement Level: $0.5225

62% FIB Retracement Level: $0.6941

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets