Ripple Price Analysis: What happened the last time Ripple was this low
- It has been a while since Ripple traded this low, so let's take a look at the price action when it was.
- On Friday, Ripple is trading 7.5% higher even after a terrible week for cryptos.
XRP/USD daily chart
The chart below shows the period between 21st June 2017 and 20th October for the same year. On the Bitfinex exchange, this was the last time prices were this low. Today the price is around 0.1481 and traded at a low of 0.01105 according to Coinbase data.
The price that traders should be looking at is around 0.12900 as this is the main support low marked in red. Once that one was hit the market made consistent higher his and higher low to reach 3.300. But it must be said there were also some key resistance levels along the way.
The consolidation high was around 0.37999 and this was the key breaking level before the price shot higher. Before that 0.28150 was also strong (marked in yellow). 0.1700 acted like a firm support and resistance zone (green) and there were many touches and it acted like a mean value zone. 0.2000 was also similar as it is a round number and a psychological zone.
 (23)-637197142351239850.png)
Here is a close up of those levels today to see how well respected they are:
 (24)-637197145176179845.png)
Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
