Value of XRP (XRP) Currently Being Backed Up By Major Support Level against the US Dollar

The value of XRP (XRP) is currently being held by a major support level against Bitcoin and the US dollar. The digital currency is strongly supported at the $0.4270 level and remained well bid against the USD. The digital currency is likely to consolidate higher provided it remains over its support at the $0.4270 mark.

XRP (XRP) Price Today – XRP / USD

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At the time of writing, XRP – the third largest digital currency in the world – is trading at $0.4388 after a decrease of about 0.05 percent over the past twenty-four hours. The market cap of XRP is $17.10 billion and its trading volume over the past twenty-four hours is $222.99 million.

XRP Price Trend and Analysis

There was a gradual, but steady decline in the value of the coin towards the 43 cents mark. The digital currency retested the support level at $0.4270 – which served as a major resistance for sellers. The coin didn’t decline beneath that support level, and this is indeed a positive sign.

The value of the coin bounced back and surged over the 23.6 percent Fibonacci retracement level of the previous swing from the high of 46 cents to the low of $0.4260. The present price auction of the coin is positive over the 43 cents mark. Also, there was a break over a connecting bearish trendline with resistance at the 43 cents level.

Furthermore, the 50 percent Fibonacci retracement level of the previous swing from the high of 46 cents to the low of $0.4260 acted as a resistance. From the chart of the coin, the value of XRP is holding the support at the $0.4270 mark very strongly.

Hence, provided the digital currency does not decline below that support level, chances are it will consolidate gradually over the $0.4450 mark. After this level, the next resistance would be at the 46 cents mark.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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