Ripple’s XRP slid by 5.71% on Tuesday. Reversing a 2.75% gain from Monday, Ripple’s XRP ended the day at $0.29435.
A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.31878 before hitting reverse.
Falling short of the first major resistance level at $0.3252, Ripple’s XRP slid to a late afternoon intraday low $0.28250.
The sell-off saw Ripple’s XRP fall through the first major support level at $0.2967 to come within range of the second major support level at $0.2813.
Finding support from the broader market, Ripple’s XRP bounced back to $0.3090 levels before falling back to sub-$0.30 levels.
The late pullback saw Ripple’s XRP fall back through the first major support level at $0.2967.
The extended bearish trend formed at late April 2018’s swing hi $0.97181 remained firmly intact. Ripple’s XRP continued to fall well short of the 23.6% FIB of $0.4164 following the current month sell-off.
For the current month, Ripple’s XRP was down by 25.4% to the end of Tuesday.
At the time of writing, Ripple’s XRP was up 1.46% to $0.29864. A mixed start to the day saw Ripple’s XRP fall to a morning low $0.2916 before rising to a high $0.30397.
In spite of the choppy day, Ripple’s XRP left the major support and resistance levels untested early on.
For the Rest of the Day
Ripple’s XRP would need to steer clear of sub-$0.2980 levels to support upward momentum through the day.
A move through the morning high $0.30397 would bring the first major resistance level at $0.3146 into play.
Ripple’s XRP would need the support of the broader market, however, to break back through to $0.30 levels.
In the event of an extended crypto rally through the day, Tuesday’s high $0.31878 would likely limit any upside on the day.
Failure to steer clear of sub-$0.2980 levels could see Ripple’s XRP slide through the morning low $0.2916 to sub-$0.29 levels.
Barring a broad-based crypto sell-off, Ripple’s XRP should steer well clear of the first major support level at $0.2783. In the event of another crypto meltdown, a fall through to Tuesday’s low $0.2825 would bring sub-$0.28 levels into play.
Looking at the Technical Indicators
Major Support Level: $0.2783
Major Resistance Level: $0.3146
23.6% FIB Retracement Level: $0.4164
38% FIB Retracement Level: $0.5225
62% FIB Retracement Level: $0.6941
The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets