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Technical analysis

Ripple Outlook: Price Might Decline Further below $0.49 Support

Amandeep Sonewane | Nov. 14, 2018
Ripple Outlook: Price Might Decline Further below $0.49 Support

November 14, 2018 | AtoZ Markets

Ripple price has surged 4% yesterday, once again getting close to Ethereum as the world's second-biggest cryptocurrency by market capitalization after Ripple's chief executive Brad Garlinghouse called for a "global framework" for payments.

Looking at the long term charts, Ripple is 80% down from its peak as major cryptocurrencies conform after last year's huge bull run. The ripple price surged to more than $3.0 last year, up from just $0.006 it began the year at.

Ripple is trading at $0.50 mark with a 24 hours volume of $415,250,034 Million, in accordance with coinmarketcap data. At the time of press, the coin holds a market cap of $20.3 Billion.

Ripple Technical Analysis

Ripple price could recover towards the $0.5200 level against the USD. Yesterday, the price of Ripple moved higher and cleared the $0.53 resistance levels. The upward move was certain as the price even outperformed the $0.535 level and settled over the 100 hourly SMA. Soon, the price of the Ripple dropped to $0.5250 and 50% Fibonacci retracement level of the previous drop from the $0.535 high to $0.48 lows.

The price topped at $0.535 and later dropped. It moved beneath $0.5150 and the 23.6% Fibonacci retracement level of the previous wave from the $0.48 low to $0.52 highs. The current price activity of Ripple is sure over the $0.50 support region. 

On the daily charts, there is a bullish pattern line framed with at $0.50 on the hourly chart of the USD. Moreover, the 50% Fibonacci retracement level of the previous wave from the $0.487 lows to $0.535 highs is positioned at $0.51. 

Therefore, if XRPUSD corrects higher, it might find a strong resistance near $0.51. Above that, the next major hurdle for buyers is near the $0.52 level. On the downside, a strong support is at $0.49, below which the price could revisit $0.48 zone.

Ripple price is clearly under bearish pressure below the $0.52 resistance area. If buyers continue to fail to gain traction, the price might drop towards $0.47-$0.48 zone.

Ripple Daily Pivot Points

Ripple has a daily support near $0.50 and resistance near $0.53 levels.

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