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XRP Price Analysis – February 29
Recently, XRP/USD pair was on a downward move after the coin reached an overbought region. The pair slumped to the low of $0.22. XRP is recovering as it makes an upward move. Presently, XRP/BTC pair is currently consolidating above Ƀ0.00002600 after a price rejection at Ƀ0.00003800.
XRP/USD Market
Key Levels:
Resistance Levels: $0.24, $0.26, $0.28
Support Levels: $0.22, $0.20, $0.18
Ripple is recovering after a downward move since February 15. The pair was earlier overbought at $0.34. The upward move was hampered because buying has been overdone. In the overbought region, buyers are not on hand to push XRP upward. Nonetheless, sellers emerged to push XRP downward. The pair fell to a low of $0.22 on February 26. XRP is fluctuating above $0.22. On the downside, if the selling pressure persists, XRP will fall to a low of $0.18.
On the upside, if the current support holds, Ripple will resume an upward move. Presently, the coin has resumed an upward move but it is facing resistance at $0.24. Meanwhile, XRP is currently at level 39 of the Relative Strength Index period 14. This implies that XRP is in the downtrend zone. It is also likely to fall because it is below the centerline 50.
Similarly, on the XRP/BTC chart, the pair is also in an upward move as it reaches the high of Ƀ0.00003800. At that price, the market is in an overbought region. At first instance, the bulls were resisted. The bulls came back to retest the resistance but were overwhelmed and the price slumped to the bottom of the chart.
Presently, the coin is consolidating above Ƀ0.00002600. Meanwhile, it fell below 20% range of the daily stochastic. The coin is in the oversold region of the market. Buyers are expected to emerge to push the coin upward ward.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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