Ripple Price Analysis: XRP/USD Fibonacci chart shows strong resistance at $0.28641

Ripple XRP the 4th largest cryptocurrency by market capitalization is trading at $0.249249 USD. In the last 24h, it’s trading between $0.253691 USD and $0.248802 USD. At press time the market capitalization of XRP is $11,256,697,532 USD as per CoinMarketCap.

From around 1 month it’s trading between the range of $0.22 USD to $0.24 USD. However, the price of XRP/USD today at the press time is $0.249249 USD which is 7.01% up from the last 24h.

If we look at the technical indicators like Moving Averages and Oscillators we find that all are indicating Buy signal. The daily Exponential Moving Average (5, 10, 20, 30) and Simple Moving Average (5, 10, 20, 30) are in the Buy zone.

The daily Volume Weighted Moving Average (20) is 0.24176 and Hull Moving Average (9) is 0.24101 and both are in the buy zone.

Let’s have a look at the Oscillators, the daily Relative Strength Index (14) is 53.25245 which is in the neutral zone. However, MACD Level (12, 26) and Average Directional Index (14) both are showing a bullish sign with a value of −0.00286 and 20.10509 respectively.

Now let’s have a look at the Fibonacci numbers the Pivot point is at 0.25475. The support and resistance levels as per the Fibonacci numbers are as follows:-

Resistance Level

• R1 is 0.28641
• R2 is 0.30597
• R3 is 0.33763

Support Level

• S1 is 0.22309
• S2 is 0.20353
• S3 is 0.17187

So if we look at the support and resistance level we can clearly see that if the price of XRP/USD broke the R1 of 0.28641 then the price will move forward.

As the current price of XRP/USD is 0.2492, that means the price have to move up more than 13% in order to break the R1.

Also, if the price of XRP breaks the support S1 of 0.22309 then it might follow the downward trend too.