The XRP today registered a small price increase of 1.23%. Meanwhile, the cryptocurrency is trying to initiate a recovery in the bloodbath over the weekend. During the capitulation, the XRP fell more than 20% as it fell in the $ 0.20 region.
The XRP collapsed this weekend, but was not alone. The entire cryptocurrency market (and most financial instruments around the world) fell almost from the coronavirus pandemic and the newly created oil price war.
According to the CoinGape website, XRP fell by 20% when it fell in support to the $ 0.20 level, a price that has not existed since the beginning of 2020. It is trying to recover today, however, moment is still well in favor of the seller.
XRP Price Analysis
Looking at the daily chart above, we can see the XRP spinning at the $ 0.245 resistance level this weekend. On Sunday, the cryptocurrency collapsed under the support of $ 0.228 (short term Fibonacci retracement .886 retracement), which had kept the market in the previous two weeks.
The XRP continued to fall until it found support in the $ 0.20 region, provided by a negative 1414 Fibonacci Extension level. We can see that he is trying to recover from here, trying to break the resistance by $ 0.215.
Short term forecast: BEARISH
XRP can only be considered bearish now, along with the entire market. To become neutral, the cryptocurrency would have to rise and fall above the $ 0.228 level. It would be necessary to continue above $ 0.255 before we can begin to consider a bull market.
If sellers regroup and push down again, the first level of support will be $ 0.204 (Downside 1.414 Fib Extension). This will be followed with $ 0.20 support. Below that, additional support is found at $ 0.195 (long term .886 Fib Retreacemnet), $ 0.19 and $ 0.185.
On the other hand, above $ 0.215, resistance is at $ 0.22, $ 0.228, $ 0.24 and $ 0.25.
Support: $ 0.204, $ 0.20, $ 0.195, $ 0.193, $ 0.19, $ 185.
Resistance: $ 0.215, $ 0.22, $ 0.228, $ 0.248, $ 0.25, $ 0.251, $ 0.264, $ 0.27, $ 0.28, $ 0.285, $ 0.29 and $ 0.30.