Yesterday, Ripple price surged towards the $0.52 level and later reversed gains. Now, the price of Ripple is still placed above the key support zone with a bullish sign. Here is Ripple Forecast for the short-term trading.
16 October 2018, AtoZMarkets - The last 24 hours have been a promising period for the cryptos as the market surged by around 10%. Ripple gained more than 8% in the last 24-hours and trading above $0.45 mark today. That could be considered a bullish sign for the market for upcoming days. However, a small correction might be seen in coming days after a long rally.
Moreover, Ripple is the second largest cryptocurrency by market cap. The coin has a market cap of $46.13 Billion according to Coinmarketcap data.
Yesterday, all the coins saw a 10% upscale, but things later settled down. The price of Ripple took a little dip to a more stable position within the $0.45 mark. In fact, all the top 10 cryptos benefited from the market event, with Ethereum being the biggest winner. Ethereum spent the last week hanging right below the $200 levels, but the coin has now managed to trade above $210 mark.
Considering the macro level of the business side of Ripple and current situation of the market, Ripple looks to form a bull run. Ripple has been in discussion with the Trump administration and the White House, that seems to be a great support for the RippleLabs and for Ripple price.
Also, Ripple as UK e-money outfit Moneynetint notified that it has partnered with Ripple to use the firms blockchain-based instant payments rails.
With Moneynetint’s increasing corporations with Fintechs, the company’s provision of overseas money transfers and currency exchange for clients is becoming efficient.
Nadeem Ladki, Director of account management at Ripple has quoted that:
“By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
Ripple Technical Analysis for Short-term
Yesterday, we saw bullish rally above the $0.44 and $0.50 resistance levels in Ripple price. The price of Ripple above the $0.52 level, but later the price sharply declined.
Looking at the XRPUSD charts, the pair traded as high as $0.52 and later declined sharply below $0.50 and $0.47. During the slide, there was a break below the 50% Fib retr level of the recent wave from the $0.39 low to $0.52 high. However, the price found major support near a major technical level at $0.44. It represents the 61.8% Fibo. retr. level of the recent wave from the $0.39 low to $0.52 high.
Moreover, the 100 SMA line is above the long-term 200 simple moving average line which suggests that the path of least resistance is to the upside. This clearly signals that a bullish momentum might be seen in shorter term. There could be a minor correction towards the $0.40 support level before an upward move. On the upside, a break above the $0.49 resistance is likely to clear the path for more gains towards the $0.50 level. The RSI on the charts of XRPUSD already broke a bearish trend line, which means Ripple price may possibly move higher in upcoming days.
If there is a downside break below the $0.40 support, the price could slide back towards the next key support at $0.34 level. Overall, Ripple price remain in control as long as the price is above the $0.40 daily strong support levels.
Ripple Weekly Pivot Points
Ripple has a significant weekly support near $0.35 and resistance near $0.50 levels
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