Ripple Price Analysis: XRP Crashes With Bitcoin But Will It Rebound at $0.2345?

XRP decreased by about 3.57% over the past 24 hours and it currently trades at $0.243. The cryptocurrency is down by more than 15% over the past couple of weeks as it lost the support at $0.2584.

XRP remains the third-largest cryptocurrency with a market cap of $10.70 billion.

Looking at the XRP/USD 1-Day Chart:

• Since our last analysis, XRP fell below the support at $0.2584, $0.250 to reach the current trading level of $0.244.
• From above: The nearest level of resistance lies at $0.2518. Above this, resistance is at $0.2584, $0.27, $0.2811, $0.2850 (100-days EMA), and $0.2890. If the bulls continue higher, resistance can be expected at $0.30, $0.308 (200-days EMA), $0.3177, and $0.3262 (bearish .382 Fib Retracement).
• From below: The nearest level of support lies at $0.24. Beneath this, support can be found at $0.2345, $0.23, $0.22, $0.2123, and $0.20.
• The trading volume remains low but at the average level.
• The RSI is well within the bearish territory as it sits in oversold conditions. For a bullish revival, we would need to see the RSI rising toward the 50 level. Furthermore, the Stochastic RSI is in oversold conditions as we wait for a bullish crossover signal to send the market higher.

Looking at the XRP/BTC 1-Day Chart:

• Against Bitcoin, XRP continues to trade sideways around the 3100 SAT levels. For the past 2 weeks, it has struggled to break above the resistance at 3200 SAT but has been supported by the 3000 SAT level – causing it to trade sideways.
• From above: The nearest level of resistance lies at 3200 SAT (100-days EMA). Above this, resistance is located at 3324 SAT, 3375 SAT, 3500 SAT, 3568 SAT and 3739 SAT.
• From below: The nearest level of support lies at 3000 SAT. Beneath this, support is expected at 2904 SAT (.618 Fib Retracement), 2853 SAT, 2798 SAT, 2752 SAT, 2710 SAT, and 2607 SAT.
• The trading volume remains pretty low.
• The Stochastic RSI has recently produced a bullish crossover signal which could mark a move higher for XRP/BTC. The RSI is trading along the 50 level to show indecision within the market. For a bullish push higher, we would need to see the RSI climb above the 50 level.