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Analysis: Ripple Price to Approach Key Support at $0.47

Amandeep Sonewane | Oct. 5, 2018
Analysis: Ripple Price to Approach Key Support at $0.47

Ripple price is struggling to hold gains against the USD and possibly decline below $0.47 in upcoming days. Here is the Ripple price technical analysis for the short-term time-frame.

05 October 2018- Ripple price is constantly breaking the support levels since last few weeks. The coin is trading near the $0.51 mark with a 24-hours volume of $ 39.55 Million. The coin has a market capitalization of $51.7 Billion.

The utility and usefulness of Ripple became increasingly clear over the past few days with the announcement of xRapid going live. This was followed by the news that multiple major companies have already signed on to use the xRapid settlement system. This will utilize the cryptocurrency to facilitate cross-border transactions.

During Ripple’s Swell event, Brad Garlinghouse, CEO of Ripple has announced that xRapid would be going live. Despite not signing on any banks to their xRapid system, the cryptocurrency claims that banks will not be the first xRapid customers.

Ripple investors are hoping that the adoption of the Ripple based products which will contribute to the volume and liquidity of the coin. This might turn into increase of its value. Soon after the release of xRapid, Ripple saw tremendous gains, rising from its 30-day low of just over $0.25 to a monthly high of over $0.72 before settling at its current price of $0.53. This price hike has put Ripple in direct competition with Ethereum for the number two spot by market cap.

Ripple Price Analysis

Yesterday, Ripple price decline below the $0.5400 level against the USD. The price of the coin even broke the $0.52 support level and settled below the 100 hourly SMA. Ripple price traded towards the $0.50 support and formed a low at $0.50. Later, there was an upside correction and the price recovered above the $0.5200 level. 

The 100 SMA line is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. The price of Ripple might make a bearish move in the short-term as the gap between the moving average widened.

According to the charts, the key bearish pattern line is clear with resistance at $0.54 on the hourly outline of the pair. If ripple price adjusts higher, it could encounter a ton of obstacles close to the $0.5450 and $0.5500 resistance levels. Above $0.5500 levels, the price of Ripple is probably going to visit the $0.57 level and the 76.4% Fibonacci retracement level of the last dip. If the pair failed to sustain at this levels than bears might take control and drag the price of Ripple towards the strong support level near $0.47. 

  • The Relative Strength Index(14) value is below 50 which signals "Sell."
  • The William%R signals the selling action on daily & weekly time-frame.
  • MACD(12,26) – "Weekly" signal in daily charts.
  • ATR(14) signals Ripple is less volatile.

Ripple Weekly Pivot Points

Ripple has a significant support near $0.47 and resistance near $0.63 levels.

Do you think Ripple price might approach key support at $0.47 in upcoming days? Let us know in the comment section below.

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.