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Analysis: Will Ripple Struggle to Break $0.57 Resistance?

Amandeep Sonewane | Sep. 27, 2018
Analysis: Will Ripple Struggle to Break $0.57 Resistance?

Ripple price is hovering near the daily pivot point and waiting for another bullish pull towards the resistance zone. Will Ripple Struggle to Break $0.57 Resistance?

27 September 2018 - Ripple managed to draw traders’ attention in the past few days, due to XRapid launch, the thing that helped raising the price of Ripple to more than 80%, in a single day.

Now, Japanese regulatory authorities are moving forward, with their partnership with Ripple, to launch a new joint venture called SBI Ripple Asia.

The joint venture will allow users to send rapid P2P payments, using Ripple’s Distributed Ledger Technology to facilitate the payments. 

The price chart shows that Ripple price has moved by $0.1849 (53.66%), with a total volume of over $ 2.11 Billion in last 1 Month, where the highest price of $ 0.7830 was on 21 September 2018.

Moreover, after the enormous rise in its price, Ripple became the second largest cryptocurrency in terms of market cap, the above mentioned coin has a market cap of 53.15 Billion, which means almost half of Bitcoin. 

Ripple Technical Movement in Figures

Ripple is currently trading above $0.52 mark- according to Bitfinex charts with a 24-hours volume of 126.60 Million. On 1D chart, a Bullish Engulfing emerging Candlestick pattern was formed, which is an indication for an upward reversal. The mentioned pattern suggests that during a downtrend period, an opening at a recent low and closes at or above the previous candle's open. Thus, it signifies that the downtrend has lost momentum, and the bulls might boost.

Recently, Ripple witnessed an upward move from the $0.43 swing low against USD.

The XRPUSD pair cleared the $0.47 support zone and settled below the 100 SMA. A low was formed at $0.43, and the price moved higher. 

On weekly timeframe, 100 SMA line is still above the long-term 200 SMA, which means that the path of least resistance is going upside, therefore, the price might surge higher in the upcoming days.

According to Fibonacci Retracement charts, Ripple holds above the 38.2% fibo. zone and moved towards the 61.8% fibo. retr. zone. If XRPUSD breaks the $0.57 strong resistance zone than an upward pull towards $0.65 might be seen in coming days.

  • The Relative Strength Index(14) value is above 50 which signals "Buy"
  • The William%R signals the neutral price action on daily time-frame.
  • MACD(12,26) – "Buy" signal in daily charts.
  • ATR(14) suggests Ripple is less volatile.

Ripple Daily Pivot Points

Ripple has a significant support near $0.47 and resistance near $0.57 level. 

Do you think Ripple will break $0.57 resistance? 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.