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Ripple Price Analysis: XRP Dipped Below $1, Bulls 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.

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

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).

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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.

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

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.

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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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Tags: Ripple (XRP) Price

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