Ripple Price Analysis: XRP Drops 10% Weekly As Bulls Tasked With Defending an Important Level

XRP/USD – Falls From $0.68 After BTC Price Dip

Key Support Levels: $0.6, $0.55, $0.5.Key Resistance Levels: $0.65, $0.68, $0.718.

Last week, XRP dropped from $0.75 to meet the support around $0.5. From there, it started to climb higher over the weekend slowly but was unable to overcome resistance at $0.68 (1.414 Fib Extension) over the past two days.

Today, it fell lower in tandem with Bitcoin and spiked as low as $0.557 before rebounding to hit the current $0.625 level.

xrpusd-dec1XRP/USD 4HR Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the sellers break push beneath $0.6, the first level of support lies at $0.55 (2019 Highs). This is followed by $0.5 (.5 Fib), $0.345 (.618 Fib), and $0.4.

On the other side, resistance is expected at $0.65, $0.68, $0.718 (bearish .886 Fib), and $0.75.

The 4HR RSI dipped beneath the mid-line today as the sellers started to take charge of the market momentum. If it continues to drop, XRP can be expected to head lower.

XRP/BTC – Bulls Defending .382 Fib Retracement

Key Support Levels: 3220 SAT, 3000 SAT, 2900 SAT.Key Resistance Levels: 3600 SAT, 3785 SAT, 4000 SAT.

Against Bitcoin, XRP had dropped from the October 2019 highs at 3785 SAT last week to meet the support at 2900 SAT (.5 Fib Retracement). From there, it rebounded but was never able to close a 4HR candle above 3600 SAT.

Today, XRP spiked beneath 3220 SAT, but the buyers quickly regrouped to push it back to the current level at 3300 SAT.

xrpbtc-dec1XRP/BTC 4HR Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the sellers push lower, the first level of support lies at 3220 SAT (.382 Fib). Beneath this, support lies at 3000 SAT, 2900 SAT (.5 Fib), 2600 SAT, and 2450 SAT.

On the other side, the first level of resistance lies at 3600 SAT. This is followed by 3785 SAT (October 2019 Highs), 4000 SAT, and 4400 SAT.

Publication date: 
12/01/2020 - 21:32
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