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    Home » XRP » Ripple Price Analysis: XRP Breaking Down Critical Support, Is $1 Retest Incoming?

    Ripple Price Analysis: XRP Breaking Down Critical Support, Is $1 Retest Incoming?

    Author: Yaz Sheikh

    Last Updated Aug 25, 2021 @ 12:37

    Following an 8% daily decline, XRP had broken down beneath an ascending price channel and hits as low as $1.10. Against BTC, XRP bottomed at critical support, but will it hold?

    XRP/USD – XRP Breaking Down the Ascending Channel.

    Key Support Levels: $1.10, $1.00, $0.92.

    Key Resistance Levels: $1.25, $1.28, $1.36.

    Following the market’s heavy correction, XRP dropped a sharp 8% over the past 24 hours as it fell from the Feb 2018 highs of $1.25 towards the current $1.14 level. The cryptocurrency was trading inside an ascending price channel since the start of August and struggled to break previous resistance at $1.28 (bearish .618 Fib) over the past week.

    Today’s reversal caused XRP to break beneath the ascending price channel as it dropped as low as $1.10 over the past hours. If today’s daily candle closes below the price channel, then this breakdown might signal a larger potential short-term downtrend.

    xrpusd-aug25-min
    XRP/USD Daily Chart. Source: TradingView.

    XRP-USD Short Term Price Prediction

    Looking ahead, if the sellers push lower, the first support lies around $1.10 (.382 Fib & 20-day MA and today’s low). This is followed by $1.00, $0.92 (.618 Fib), and $0.85 (200-day MA).

    On the other side, the first resistance lies at $1.25 (Feb 2018 highs). Next is $1.28 (bearish .618 Fib), $1.36 (August high), and $1.40.

    The RSI is heading lower, indicating the previous bullish momentum from the past month is fading. However, it is still not at the midline, and the bears are still not in control of the market momentum.

    XRP/BTC – Will Support At .382 Fib Hold?

    Key Support Levels: 2380 SAT, 2310 SAT, 2230 SAT.

    Key Resistance Levels: 2500 SAT, 2600 SAT, 2670 SAT.

    XRP also dropped yesterday against BTC to find the support at a .382 Fib retracement level around 2380 SAT. On Friday, XRP/BTC struggled to break resistance at 2670 SAT (bearish .5 Fib) and headed lower over the weekend as it fell beneath 2600 SAT.

    A daily closing candle beneath the .382 Fib support would signal the first lower-low, which would signal a short-term downtrend forming for XRP – also against BTC.

    xrpbtc-aug25-min
    XRP/BTC Daily Chart. Source: TradingView.

    XRP-BTC Short Term Price Prediction

    Looking ahead, the first support lies at 2380 SAT (.382 Fib). This is followed by 2310 SAT (20-day MA), 2230 SAT (.5 Fib), and 2175 SAT (200-day MA).

    On the other side, the first resistance lies at 2500 SAT. 2600 SAT is next, followed by 2670 SAT (bearish .5 Fib), and 2730 SAT (1.618 Fib Extension).

    Same as against the USD, also for the BTC pair, the daily RSI is heading lower, indicating that the previous bullish momentum is fading. However, it is still yet to dip beneath the midline, suggesting the sellers are not controlling the momentum (yet).

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    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.
    Tags: Ripple (XRP) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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