Edit Profile

Amandeep Sonewane

6 December 2018

Cryptocurrency Technical analysis

Analysis: Ripple Price Might Drop Below $0.30 Mark Again

0
0

December 06, 2018 AtoZ Markets  -  Ripple has experienced a decline of 1.64% against the USD over the past 24 hours of trading. Ripple coin continues to hold the second position with a total market cap of $13.7 Billion, putting them over $3 Billion ahead of Ethereum’s market cap.

Since the last Week, the price of Ripple has dropped by -11.03% with a total volume of over $ 187.33 Million. The highest price of the coin, $ 0.3953, was on Thursday, 29 November 2018 at 11:00 GMT while the lowest price, $ 0.3286, was on 06 December 2018 at 07:00 GMT.

Ripple Technical Analysis

Looking at the charts, there was a declines in Ripple price below the $0.36 support level against the USD. The XRPUSD pair broke the $0.34 support level to trade to a new weekly low. Later, sellers pushed the price below the $0.33 level and the 100 hourly SMA. A low was formed at $0.324 and later the price of the coin bounced back above $0.33 level. It broke the 23.6% Fibonacci retracement level of the recent decline from the $0.3601 highs to $0.3241 lows.

Also, the 100 SMA line is still below the long term 200 SMA line which suggests that the path of least resistance is towards the downward direction.

However, the recent recovery is facing a solid resistance near the $0.34 level, which was a support before. Besides, this week’s followed key bearish trend line is still active with resistance at $0.3420 on the hourly chart of the XRPUSD pair. An upside break above the $0.3420 level may push the price of the coin towards the key $0.3500 resistance.

Moreover, an intermediate resistance is positioned at $0.3465 levels. It coincides with the 61.8% Fibonacci retracement level of the recent decline from the $0.3601 highs to $0.3241 lows. Therefore, if the price of the coin moves higher, it could face a lot of hurdles near the $0.35, $0.36 and $0.38 levels.

In conclusion, Ripple price is still in a downtrend as long as below $0.35 level and the 100 hourly SMA. On the downside, a break below $0.32 support might push the price of the coin below $0.30 handle again.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – "Oversold" signal on the daily time-frame.
  • MACD(12,26) – "Sell" signal in daily charts.
  • ATR(14) – signals that Ripple is highly volatile.

Ripple Daily Pivot Points

Ripple has a daily support near $0.3314 and resistance near $0.3482 levels.

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

technical analysis Ripple XRP/USD XRP
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarkets.com, nor should they be attributed to AtoZMarkets.

Share this story with your network

Read also

Comments