Analysis: Ripple Price Needs to Break $0.49 Resistance to Gain Traction

Ripple Price is trading bearish and struggling to surpass the $0.49 crucial resistance zone. Will the price of coin to break the resistance and gain bullish pull above that point? 

10 October 2018- Today, Ripple is trading near $0.46 mark with the 24-hours volume of $31.03 Million according to Bitfinex Exchange. The coin has a market cap of $46 Billion. Ripple and all other cryptocurrencies are constantly losing the market cap as the crypto-market is getting bearish.

Justin Sun, founder and CEO of Tron coin and former chief representative for RippleLabs, has shared his opinion on the landscape of the coin and global payments.

He said:

XRP is a cryptocurrency tailored to providing banks and payment providers a reliable solution for cross-border payments. I was Ripple Labs’ Chief Representative between 2014 and 2016, and I saw first-hand the massive demand for blockchain-based cross-border payments solutions.

Ripple is promoting their cross-border payment platform within the banks and financial institutions. They recently collaborated with PNC – a top ten US bank with over 2,000 branches across the country. In addition to that, the major key factors of adoption for Ripple is the renewed banking interest in Blockchain as a solution for both security and cost-effective payments.

Ripple is going to be at yet another event but this time it’s the flagship event of its competitor Swift’s Sibos event, one of the biggest global event in the world of fintech.

The official announcement of the Swift’s Sibos:

“Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers around the world.”

Ripple Technical Analysis

Ripple Price remained in a bearish zone and broke the key support near $0.47 mark. The coin traded as low as $0.46 mark and it is correcting higher. The coin is likely to resist selling pressure near a bearish trend line with resistance at $0.47. The price of Ripple could correct higher, but it has to move above $0.48 to recover.

After forming a short-term high at $0.50, Ripple price initiated a bearish move. The price declined from that level and broke the $0.48 support levels to move into a bearish zone. Ripple traded to a new weekly low at $0.46 and it is currently correcting higher. Also, the price of the coin is testing the broken support at $0.47, which is acting as a resistance zone.

Therefore, if the price recovers, it is likely to face a lot of resistance near the $0.50- $52 levels. On the other hand, if Ripple buyers fail to push the price above the resistance zone, there could be further slides. An immediate support awaits at $0.43, below which the XRPUSD pair will most likely to test the $0.44 support.

According to Simple Moving averages, the 100 SMA line is above the long-term 200 SMA line which suggests that the path of least resistance is to the upside. This suggests that the bullish rally could be expected in upcoming days.

  • The Relative Strength Index(14) value is near 50 which signals “Neutral” in weekly time-frame
  • The William%R signals the “Sell” action on the short-term timeframe.
  • MACD(12,26) – “Sell” signal in weekly charts.
  • ATR(14) signals Ripple is Highly volatile.

Ripple Weekly Pivot Points

Ripple has a weekly significant support near $0.43 and resistance near $0.58 levels.