Analysis: Ripple Price Might Surge Higher Towards $0.50 Mark


Ripple price bounced against the USD, and the XRPUSD pair has moved into a bullish zone. According to technical charts, the coin could break the $0.48 resistance levels. 

November 02, 2018 | AtoZ Markets

Ripple coin has surged about 2% in the past 24 hours, following last week’s epic stretch. The price of the coin currently stands at $0.46, according to the data taken from coinmarketcap.com. The coin now has a market cap of $18.4 Billion. In the last 1 Week, the price has moved by $ -0.002 (-0.5%) with a total volume of over XRP 330.18 M / $ 149.20 Million. The highest price, $ 0.4651, was on Saturday, 27 October 2018.

According to some sources, during a results briefing with SBI Financial, the CEO of SBI Group, Yoshitaka Kitao revealed that the company had already started to begin talks for a new project for R3 which exclusively uses Ripple.

He quoted that:

"We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively.”

Ripple Technical Analysis

Yesterday, Ripple formed an upward move above the $0.44 level in ripple price against the USD. The price of the coin traded towards the $0.45 level and later started consolidating gains. The price dipped a few points and tested the $0.44 support and the 100 hourly SMA. Later, the buyers appeared and secure more losses below the 50% Fibonacci retracement level of the upward move from the $0.42 lows to $0.45 highs.

The 100 SMA is above the 200 SMA line which indicates that the path of least resistance is towards the upward direction. The above-mentioned parameters signal the buyers might pull the prices from this level. 

Also, there was a fresh upside move and the price traded above $0.45 and $0.46 resistance levels. It tested the strong weekly resistance zone, which prevented further gains. At the moment, the price is correcting lower towards the $0.45 support levels. An initial support is near the 23.6% Fibonacci retracement level of the recent wave from the $0.43 low to $0.46 swing high. 

Moreover, there is an ascending channel formed with support at $0.44 on the daily chart of the Ripple coin. Therefore, any major downside move from the current levels is likely to find a solid support near the $0.44 levels.

On the upside, if the price of the coin breaks the strong resistance near $0.48 resistance than an upward push towards $0.50- $0.52 levels might be seen in the upcoming days. 

Ripple Weekly Pivot Points

Ripple has a weekly support near $0.44 and resistance near $0.48 levels.

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