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Technical analysis

Forecast: Ripple Price Might Turn Bearish Below $0.44 Support

Amandeep Sonewane | Oct. 29, 2018
Forecast: Ripple Price Might Turn Bearish Below $0.44 Support

October- 29, 2018 | AtoZ Markets

Ripple is trying hard to get out of the strong resistance level of $0.46 – $0.48 zone. The price of the coin is constantly fluctuating in a range bound zone. At the time of press, Ripple is trading near $0.46 according to Bitfinex data. Also, the coin has a market cap of $45.92 Billion.

The Ripple Foundation has released its quarterly report of 2018. Ripple has shown exponential progress in the third quarter following its streak of development.

The firm sold over $165 M in Ripple, confronting all the rise of volatility in this third quarter. Also, Ripple released over 3 billion in XRP from its escrow account. But over 2.6 B in XRP was returned back to those account.

Ripple Technical Analysis

In the last 1 Week, the price of Ripple has moved by 0.02178% with a total volume of over $ 157.97 M. The highest price, $ 0.4805, was on 24 October 2018. Ripple has gone below the daily EMA(10) and SMA(10). Also, the Hull Moving Average (9) is below 50% which signals towards the sell zone.

The 100 SMA line is below the 200 line which signals that the path of least resistance is towards the direction. So after looking at the simple moving averages, Ripple seems to have a massive selling pressure.

After a downside correction from the $0.4740 highs, the price of the coin found support near $0.44 against the USD. The XRPUSD pair traded as low as $0.44 and later started to consolidate. A support base was formed near $0.44 and later the price started an upward move.

The coin faced a break above a major triangle with resistance at $0.45 on the hourly chart of the XRPUSD. This opened the doors for more gains and the price traded towards the $0.46 levels. However, Ripple faced sellers near $0.46 and the 50% Fibonacci retracement level of the last decline from the $0.47 high to $0.44 low. The price is currently correcting lower towards the previous resistance at $0.45.

The daily William%R(14) is -68.525 and is in the selling zone. So, after looking at the MAs and Oscillators Ripple is supposed to move in a downward direction. Thus, if the price goes below the $0.40 mark then it might further drop to $0.35- $0.32 levels.

Ripple Weekly Pivot Points

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

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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.