Is XRP Headed To A Catastrophe After Plunging Below $0.18?

  • XRP dropped by 2% over the past 24 hours, which caused it to fall beneath $0.18 as it reached $0.177.
  • The cryptocurrency collapsed beneath the lower boundary of a descending triangle pattern this week, which sparked a downturn.
  • Against Bitcoin, XRP is in disaster mode as it continues to plummet further beneath the 2000 SAT support.

Key Support & Resistance Levels

XRP/USD:
Support: $0.175, $0.171, $0.157.
Resistance: $0.185, $0.192, $0.20.
XRP/BTC:
Support: 1950 SAT, 1900 SAT, 1890 SAT.
Resistance: 2000 SAT, 2070 SAT, 2100 SAT.

XRP/USD: XRP Finds Support At .5 Fib Beneath Triangle

The bulls were battling to keep XRP above a descending triangle throughout the past week. However, it eventually broke beneath the triangle and fell below the $0.18 level today with the 2% price drop.

XRP found support at $0.175, which is provided by a .5 Fibonacci Retracement level. A close beneath this could see the cryptocurrency headed lower toward $0.16.

xrpusd-jun28
XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the sellers push beneath the .5 Fib Retracement at $0.175, the first level of support lies at $0.171. Beneath this, added support is found at $0.157 (.618 Fib Retracement) and $0.15.

On the other side, the first level of resistance is expected at $0.185. Additional resistance above is located at $0.192 and $0.20 (100-days EMA).

The RSI dropped into oversold conditions yesterday but managed to rebound from here today. The sellers are still in control of the market momentum, but if the RSI continues to rise toward the 50 line, this would indicate that the selling momentum is fading.

XRP/BTC: XRP In Disaster Mode Beneath 1950 SAT

The situation has been pretty dire for XRP over the past few months after the coin fell from February high of around 3300 SAT to drop to the current price of 1964 SAT. This equates to a 40% price drop over four months. XRP spiked even lower yesterday as the coin dropped into the 1910 SAT region.

A closing candle beneath 1950 SAT could cause XRP to continue to head lower toward 1800 SAT over the following week.

xrpbtc-jun28
XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the sellers do close beneath 1950 SAT, support is found at 1910 SAT, 1900 SAT, and 1890 SAT.

Alternatively, if the buyers push higher, resistance is expected at 2000 SAT, 2070 SAT, and 2100 SAT.

The RSI is rising, which is a promising sign for the buyers as it signals the selling momentum is fading. If the RSI can climb above the 50 line, XRP should be expected to start a recovery toward 3000 SAT.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/ripple-price-analysis-is-xrp-headed-to-a-catastrophe-after-plunging-below-0-18/