XRP/USD Daily Chart. Source: TradingView
Key Support Levels: $0.228, $0.22, $0.215.
Key Resistance Levels: $0.235, $244, $0.257.
XRP fell beneath a rising trend line on Monday as it collapsed below the 100-days and 200-days EMA to return to the .618 Fib Retracement support at $0.228. This level had prevented the market from slipping further during the early September decline, and a break beneath here is likely to cause XRP to unwind toward $0.2. It’s currently down about 7% in the past two days.
Before breaking beneath the rising trend line, XRP was slowly grinding higher but was unable to overcome resistance at $0.257 (bearish .3282 Fib Retracement). This will now be the level to break if XRP would like to begin any sort of bullish momentum.
If the sellers break the $0.228 level (.618 Fib Retracement), the first level of support beneath lies at $0.22. This is followed by support at $0.215 (downside 1.272 Fib Extension), $0.21, $0.206 (downside 1.414 Fib Extension), and $0.2.
On the other side, the first level of resistance lies at $0.235 (200-days EMA). This is followed by resistance at $0.244 (100-days EMA), $0.257 (bearish .382 Fib), and $0.266 (bearish .5 Fib).
Key Support Levels: 2200 SAT, 2170 SAT, 2111 SAT.
Key Resistance Levels: 2250 SAT, 2300 SAT, 2333 SAT.
The situation is quite troublesome against Bitcoin. In early September, the market found support at the 2275 SAT level. However, last week XRP penetrated beneath this support and fell further below the 2250 SAT.
Over the past couple of days, XRP continued to fall until support was found at the 2200 SAT level yesterday.
If the sellers break beneath 2200 SAT, the first level of support lies at 2170 SAT (downside 1.414 Fib Extension). This is followed by support at 2111 SAT (downside 1.618 Fib Extension), 2070 SAT, and 2000 SAT.
On the other side, the first level of resistance lies at 2250 SAT. Above this resistance lies at 2300 SAT, 2333 SAT, and 2400 SAT.
