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Technical analysis

Analysis: Ripple Price Might Break Previous All-time Highs

Amandeep Sonewane | Oct. 24, 2018
Analysis: Ripple Price Might Break Previous All-time Highs

October- 24, 2018 | AtoZ Markets

The price of Ripple is trading above the $0.45 mark with a 24 hours trading volume of $ 47.67 Million. The coin has a market cap of $46 Billion according to coinmarketcap data. Since the last Week, the price has dropped by 3.82% with a total volume of $ 185.22 Million. The highest price, $ 0.4871, was on Thursday, 18 October.

The price of the coin has not shown an effective vertical movement in almost two weeks. Around the mid of October, Ripple price jumped from $0.40 to $0.50 mark but remained relatively stable and lost its volatility.

Ripple Technical Analysis

According to the candlestick charts, Ripple has formed a "Three Outside Up" pattern which signals a bullish reversal in the 1D timeframe. This pattern is a more reliable addition to the standard engulfing pattern. A bullish engulfing candlestick pattern occurs in the first two candles. The third candle is the confirmation of the bullish trend reversal.

Ripple continues in a range bound zone since the past few weeks. The bulls successfully took control of the market after the formation of a bullish railroad at $0.46 zone. Ripple was initial down to $0.45 and later to $0.44 in the support area. 

The morning star formation was confirmation for the bullish breakout from this point. The price of the coin is above the two moving averages and the stochastic oscillator at 45%. This signals an upward price movement within the range due to the bullish momentum.

The 100 SMA line is above the 200 SMA line which signals that the path of least resistance is towards the upward direction. Thus, a bullish rally towards $0.58- $0.60 might be expected in upcoming days if bulls get aggressive near $0.52 resistance.

  • The Relative Strength Index placed at period 14 is valued near 50 which signals "Neutral" in weekly time-frame.
  • The William%R signals the selling action on the weekly time-frame.
  • MACD(12,26) – "Sell" signal in weekly charts.
  • ATR(14) signals that Ripple is highly volatile.

Ripple Weekly Pivot Points

Ripple has a weekly support near $0.40 and resistance near $0.52 levels.

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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.