XRP has seen a steep price tumble today dropping by a total of 10% - yikes! Over the past 2 days, the price for XRP has now dropped from the $0.40 level and is currently trading at $0.3253. XRP has now seen a further 17% price fall over the past 7 days after testing the $0.49 region and rolling over.
Now that XRP is trending toward the $0.30 level - it might actually be your last chance to pick some XRP tokens at this level. I don’t expect XRP heading too much further below $0.30 this year. It may drop briefly toward the $0.28 - $0.27 regions but I expect these to be short-lived.
Analysing the daily chart above, we can see that XRP was trending in a broad rising channel during April through June. However, in the past week of trading, we can see that XRP has now fallen through the floor of this channel and has suffered greatly as it heads back toward $0.30.
We can see that the $0.30 level seems to have been the floor for the majority of 2019 as XRP was bought up each time the price dipped below the $0.30 level. Therefore, we can expect this area of support to be very strong as we move forward.
However, the strength of this support level is heavily dependent on XRP turning around against BTC. For those that follow the market, XRP has been falling drastically against BTC all year and has even created fresh multi-year lows recently.
This continuous price fall has many wondering when XRP may turn around against BTC.
Looking at the daily chart above we can clearly see the solemn market sentiment as XRPBTC has been dropping through the entire period of 2019 and has recently reached a 19 month low after crashing below the 3000 SAT support line.
We can see that support has been met at a short term downside 1.272 Fibonacci Extension level priced at 2813 SAT, however, we cannot expect this support to hold. Instead, we can expect XRPBTC to head even further lower toward the 2522 SAT level and even toward 2000 SAT itself. The support between 2810 SAT and 2520 SAT should prove to be enough to allow the market to bounce from here but only time will tell.
These technicals combined with the fact that Ripple has recently pumped over $500,000,000 into projects that run around the XRP network to increase the use case available for XRP
All-in-all, the $0.30 support level does seem like a very good buying opportunity if you are a fan of the future potential for XRP. If XRPBTC can hold at the 2500 SAT handle and falls no lower - this actually could be the last time to pick up XRP at $0.30!