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    Home » XRP » Ripple Price Analysis: XRP Dipped Below $1, Bulls Looking to Consolidate

    Ripple Price Analysis: XRP Dipped Below $1, Bulls Looking to Consolidate

    Author: Yaz Sheikh

    Last Updated Sep 8, 2021 @ 15:21

    XRP dropped below $1 during yesterday’s marketwide crash. The cryptocurrency has since recovered a bit and bulls are now looking to consolidate.

    XRP/USD – XRP Spikes As Low As $0.928

    Key Support Levels: $1.05, $1.00, $0.92 – $0.9.
    Key Resistance Levels: $1.20, $1.25, $1.36.

    XRP was trading inside an ascending price channel since breaking the symmetrical triangle pattern at the end of July. The price channel allowed XRP to break the August high at $1.36 this week and reach $1.40.

    Unfortunately, the steep market sell-off yesterday caused XRP to fall beneath the ascending price channel. XRP collapsed by a total of 33% yesterday, causing the coin to spike beneath $1 and reach as low as $0.928 (.618 Fib). It has since rebounded from there to climb back above $1 and reach $1.10.

    xrpusd-sep8th-min
    XRP/USD Daily Chart. Source: TradingView.

    XRP-USD Short Term Price Prediction

    Looking ahead, the first resistance lies at $1.20 (20-day MA). This is followed by $1.25 (Feb 2018 highs), $1.36 (August highs), and $1.40.

    On the other side, the first support lies at $1.05. This is followed by $1.00 (50-day MA), $0.92 – $0.9 (.618 Fib & 200-day MA), and $0.8282 (2020 high).

    The RSI recently fell beneath the midline, indicating that the sellers are taking over the market momentum.

    XRP/BTC – XRP Falls Beneath 20-day MA.

    Key Support Levels: 2290 SAT, 2200 SAT, 2155 SAT.
    Key Resistance Levels: 2455 SAT, 2670 SAT, 2800 sAT>

    Against BTC, XRP spiked as high as 2700 SAT on Monday but went on to collapse yesterday during the market sell-off. XRP dropped beneath the 20-day MA and fell as low as 2200 SAT (50 day-MA).

    The bulls regrouped by the end of the day to close the candle at 2400 SAT. It has since dropped slightly and trades at 2350 SAT.

    xrpbtc-sep8-min
    XRP/BTC Daily Chart. Source: TradingView.

    XRP-BTC Short Term Price Prediction

    Looking ahead, the first support lies at 2290 SAT (.382 Fib). This is followed by 2200 SAT (50-day MA), 2155 SAT (.5 Fib & 100-day MA), and 2000 SAT (.618 Fib & 200-day MA).

    On the other side, the first resistance lies at 2455 SAT (20-day MA). This is followed by 2670 SAT (bearish .5 Fib), 2800 SAT, 2915 SAT (Bearish .618 Fib), and 3000 SAT.

    Again, the RSI is starting to poke beneath the midline, indicating that the sellers are starting to take control of the market momentum again.

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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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