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Technical analysis

Ripple Outlook: Price Might Decline Below $0.28 Previous Lows

Amandeep Sonewane | Dec. 17, 2018
Ripple Outlook: Price Might Decline Below $0.28 Previous Lows

December 17, 2018 AtoZ Markets  Ripple has experienced a decline of 0.51% against the USD over the past 24 hours of trading. Ripple coin continues to hold the second position with a total market cap of $11.8 Billion, putting them over $3.2 Billion ahead of Ethereum’s market cap.

Since last week, the price of Ripple has moved by $ -0.02 (-5.01%) with a total volume of over $ 97.23 Million. The highest price of the coin, $ 0.3128, was on 12 December 2018 at 13:00 GMT while the lowest price, $ 0.2815, was on 15 December 2018 at 17:00 GMT.

Ripple Price Prediction for Short Term

Looking at the charts, after trading as low as $0.2776 mark, Ripple price started an upward move against the USD. The XRPUSD pair traded higher and broke the $0.2800 and $0.2850 daily resistance levels. It also broke the 23.6% Fibonacci retracement level of the last slide from the $0.3090 swing high to $0.2776 swing low. However, the upward move of Ripple was capped by the $0.2900- $0.2910 zone, which was a support earlier.

Moreover, there was no test of the 50% Fibonacci retracement level of the last slide from the $0.3090 highs to $0.2776 lows. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRPUSD pair. Therefore, the price of Ripple must break the $0.33 barrier to move into a positive zone.

The next resistances above $0.2900 is positioned near the $0.3089 and $0.3330 level. On the downside, an initial support is at $0.2707, below which the price may revisit the $0.27 swing low. If there is no break below $0.2770, the price is likely to bounce back toward the bullish zone.

To sum up, Ripple price is facing a solid resistance near $0.3089 mark and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.3089 in the near term.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – "Oversold" signal on the daily time-frame.
  • MACD(12,26) – "Sell" signal in daily charts.
  • ATR(14) – signals that Ripple is highly volatile.

Ripple Weekly Pivot Points

Ripple has a weekly support near $0.2707 and resistance near $0.3089 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, nor should they be attributed to AtoZMarkets.