- XRP dropped by a sharp 9% over the past 24 hours of trading as it crashes beneath both 100-days and 200-days EMA.
- The cryptocurrency has now seen a 17% price plummet of the past 7-days of trading as it trades around $0.244
XRP dropped by a steep 9% over the past 24 hours of trading as the coin dropped to the $0.244 level. It had started to fall toward the middle of February after reaching resistance at $0.337 and has continued to drop ever since.
The latest price drop has now caused XRP to break beneath support at both the 200-days EMA and 100-days EMA as it drops to the opening price for February.
XRP/USD – Daily CHART – SHORT TERM
XRP/USD – Source: TradingView
Since our last analysis, we can see that XRP finally broke beneath the rising trend line that we have been tracking. It penetrated beneath the 200-days EMA and continued to drop beneath the 100-days EMA until support was found at $0.2345.
After reaching this support, we can see that XRP rebounded higher to reach where it currently trades at around $0.244.
Short term prediction: NEUTRAL/BEARISH
The drop beneath both the 200-days and 100-days EMA has put XRP in danger of turning bearish during the short term. A break and close beneath $0.2345 would certainly confirm this bearish trend.
If the sellers push beneath the current $0.24 support, additional support is found at $0.239, provided by a downside 1.618 Fibonacci Extension level. This is then followed with additional support at $0.2345 and $0.227 (.886 Fibonacci Retracement level).