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Technical analysis

Analysis: Ripple price might accelerate above $0.34 resistance

Amandeep Sonewane | Feb. 20, 2019
Analysis: Ripple price might accelerate above $0.34 resistance

February 20, 2019 AtoZ Markets  - Ripple is technically bearish and yet to breach the $0.31 daily support zone. At the time of press, the coin is trading near $0.33 level with a 24 hour volume of $ 25.75 Million. The coin now has a market cap of $13.7 Billion, according to coinmarketcap data.

Yoshitaka Kitao, the President and Representative Director of SBI Holdings, believes that in 2019, Ripple will exceed the market cap of Bitcoin. He also thinks that Ripple’s growth will be boosted by the fact that XRP is going to be adopted globally and that Bitcoin doesn’t have a primary use case. He said: 

“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the Ripple's market capitalization will easily exceed the market capitalization of Bitcoin.”

Ripple price prediction for short term

Looking at the charts, Ripple price was over the $0.32 resistance zone since yesterday. The price of the coin has picked up the pace and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and surged above the $0.3450 zone. The price of the coin went close to the $0.3460 level and later began to decline. It declined below the $0.3320 daily support level. Selling pressure was above the price below the $0.3250 support zone.

Moreover, Ripple price has formed a close support to the $0.3160 level. Yesterday’s bullish pattern line was perfect with support around $0.3190 and $0.3200 on the hourly chart of the XRPUSD pair. Below the pattern line, the next support is around $0.3122 level. The major support is close to the $0.30 zone and the 100 hourly SMA.

Ripple price is probably going to find a lot of buyers around $0.3160, $0.3130 and $0.3100 support levels. However, if Ripple price breaks the $0.3100 support, the price of the coin might move in a bearish zone. If the price remains above $0.3100 zone, it might begin a new upward move above $0.3300 level.

In conclusion, Ripple price stays all around supported over the $0.3100 crucial level. The major resistance is around $0.34 level, above which Ripple price might target $0.36 handle in the short term.

Ripple weekly Pivot points

Ripple has weekly support near $0.3122 and resistance near $0.34 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.