Ripple price is preparing for the next break against the USD. The coin might soon make the next move above the $0.52 mark. Here is the Ripple price technical analysis for short-term trading.
18 October 2018, AtoZMarkets – At present, Ripple is trading downward with the volume of $ 33.45 Million in last 24 trading hours. The price of the coin is now trading near $0.48 mark. In the last 1 Week, the price of the coin has surged by 18% with a total volume of over $ 381.36 M. The highest price, $ 0.50, was on Monday, 15 October.
Out of the many virtual currencies available in the crypto market, Ripple is one of the few digital currencies that has been following up with bullish movement in recent time.
The main reasons behind Ripple’s impressive performance in the market are the recent positive publicity that RippleNet has been enjoying. RippleNet recently boarded Moneynetint to its long list of partners. While Ripple as a cryptocurrency does not have anything to do with RippleNet. The price of Ripple usually performs positively on positive reviews and news about the Ripple Network.
Moreover, another factor for the positive move is the Weiss Rating. It recently engaged the Twitter community in on what they considered as the best cryptocurrency to invest in under the $1 mark. In which Ripple received most of the votes from the users. From over 5,000 participants in the poll, more than 60% of them showed their confidence towards Ripple coin.
Ripple Technical Analysis
From the technical charts, Ripple price is moving steadily towards the previous highs. During the past few days, there was a slow and steady rise from the $0.39 lows in Ripple price against the USD. The price of the coin traded higher and broke the $0.43 and $0.45 resistance levels.
The SMA 100 on the weekly timeframe is above the long term 200 SMA line which indicates that the path of least resistance is to the upside. In other words, the coin might gain bullish pull momentum in the short-term.
During the rise, Ripple price breaks the 61.8% Fibonacci retracement level of the last major drop from the $0.50 high to $0.37 low. The above mentioned parameters indicates that, the current price action is very positive. Thus, indicating more gains above the $0.47 and $0.48 levels.
Moreover, the next crucial resistance on the upside could be the last swing high at $ 0.49-$ 0.50. If there is a break above this, the price of Ripple could move towards the next level i.e. $0.55 mark.
- The Relative Strength Index placed at period 14 is valued near 50 which signals "Neutral" in weekly time-frame.
- The William%R also signals the "Buy" action on weekly charts.
- MACD(12,26) – "Buy" signal in weekly charts.
- ATR(14) signals that Ripple is less volatile.
Ripple Pivot Points
Ripple has a strong weekly support near $0.35 and resistance near $0.50 levels.
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