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Ripple Price Analysis: Those Are The Possible Floors That Might Stop XRP’s Bloodbath

XRP/USD – XRP Hits 5-Month Lows With Drop Beneath $0.2

Key Support Levels: $0.19, $0.18, $0.171.
Key Resistance Levels: $0.2, $0.215, $0.25.

XRP plummeted into the $0.25 support last week after the announcement was made that the SEC would be suing Ripple. Many analysts hoped that the $0.25 support would hold but XRP went on to fall beneath here today after Coinbase announced they would be suspending XRP trading on its platform.

Today, XRP fell beneath the November 2020 lows at $0.215 and continued to drop beneath $0.2, creating a fresh 5-month low as it hit $0.195.

xrpusd-dec29
XRP/USD. Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the sellers continue to push beneath $0.19, the first level of support lies at $0.18. This is followed by support at $0.171, $0.16, $0.15, and $0.129 (March low-day closing price).

On the other side, resistance lies at $0.2, $0.215 (Nov 2020 lows), and $0.25.

The RSI and Stochastic RSI continue to remain oversold as the bears dominate the market momentum.

XRP/BTC – XRP Falls Beneath 1000 SAT.

Key Support Levels: 695 SAT, 500 SAt, 438 SAT.
Key Resistance Levels: 867 SAT, 1000 SAT, 1200 SAT.

Against Bitcoin, XRP dropped beneath the 1000 SAT support yesterday as it plummeted into 867 SAT. Today, the price fall continued as XRP fell beneath 800 SAT to reach as low as 695 SAT today.

It has since rebounded back above 700 SAT, but it will likely continue lower as more exchanges remove XRP trading on their platforms.

xrpbtc-dec29
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the sellers break 695 SAt, the first support level lies at 691 SAT. This is followed by 500 SAT, 438 SAT, and 332 SAT.

On the other side, resistance lies at 867 SAT. This is followed by 1000 SAT, 1200 SAT, and 1425 SAT.

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Cryptocurrency charts by TradingView.


About The Author

Yaz Sheikh

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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