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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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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.