Ripple Analysis: XRPUSD Gets Oversold and Might Break $0.48 Resistance Soon

October- 31, 2018 | AtoZ Markets

After a huge sell-off since the past few days, the crypto market has been in the bearish trend. Most of the major cryptocurrencies struggled to support the bulls. The price of Ripple breaks the $0.45 handle and is trading below the daily support. At the time of press, Ripple is trading at $0.44 mark with a market cap of $17.7 Billion according to data. From last week, the price of the coin has dropped by -4.83% with a total volume of over $ 146.94 Million. The highest price, $ 0.4693, was on Wednesday, 24 October 2018. 

According to some sources, Quidax, which is Africa's No. 1 digital assets exchange has partnered up with Ripple, and it’s positioned to start using the blockchain firm’s xRapid product to revolutionize money transfers and settlements. 

And, Dilip Rao, Ripple’s Global Head of Infrastructure Innovation has recently appeared at a conference in Dubai to speak about Ripple’s plans to enter the Middle East. He announced Ripple was going to be setting up an office in Dubai before the end of the year. 

Ripple Technical Analysis for Short term 

Looking at the technical charts, the price of the coin remains in the range bound zone after a drop from $0.46 levels. Yesterday, XRPUSD pair somehow managed to trade above the $0.45 handle but failed to cross the strong resistance. The price promptly drops below the $0.45 mark and started to consolidate at the same level. 

The 100 SMA is above the long-term 200 SMA level which signals that the path of least resistance is towards the upside direction. This suggests a bullish rally might be seen in the upcoming days. 

On the weekly charts, RSI(14) is heading from selling zone to neutral, currently valued at 47.021. The significant indicator, STOCHRSI over a period 14 (valued at 63.26) also indicates the bullish rally is likely to be seen in upcoming days. However, the indicators in the daily charts are still displaying a bearish signal. But it is meaningful to note that STOCHRSI(14), William%R and CCI(14) indicators have been displaying "Oversold" action. As follows, traders might be willing to buy XRPUSD at this level. 

On the upside, if the price of the coin breaks $0.47- $0.48 resistances than a bullish rally towards $0.52- $0.55 might be seen in upcoming days. The downside is safe, as it is less likely that the price of Ripple to break the strong support $0.42 support. 

Ripple Weekly Pivot Points

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

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