November 08, 2018 | AtoZ Markets
The world’s third largest cryptocurrency, Ripple (XRP) recently experienced almost 5 percent drop. At the time of press, Ripple is trading at $0.51 mark with a 24 hours volume of $45.05M, in accordance with coinmarketcap.com data. The coin has a market cap of $20.5 Billion.
In the last 1 Week, the price of Ripple has moved by $ 0.06200 (13.75%) with a total volume of over $ 321.34 M. The highest price, $ 0.5669, was on 06 November 2018 at 12:00 GMT. The lowest price, $ 0.4489, was on 04 November 2018 at 07:00 GMT.
Ripple Technical Analysis
According to Yesterday's chart, there was a solid bullish pattern formed above the $0.54 level in Ripple price against the USD. The coin traded above the $0.56 level and formed an intraday high at $0.56 mark. Later, the price started a bearish correction and traded below the $0.54 level. During the slide, the price broke the 23.6% Fibonacci retracement level of the last wave from the $0.46 low to $0.56 highs.
Looking at the 1H candlestick chart, Ripple has formed a "Falling three methods" pattern in 1H timeframe with high reliability. During a downtrend, a long black candlestick pattern occurs, following by three candles of small real bodies that fall into a short uptrend. On the fifth candle, the bears come in strong to close at a new low. This small uptrend in between two long black candles is consistent with traders taking a break. This signals the downward should continue.
Moreover, there was a break below a major bullish trend line with support at $0.53 on the hourly chart of the XRPUSD pair. Ripple price even traded below the $0.52 support level. The next strong support is near the $0.50 level. It represents the 50% Fibonacci retracement level of the last wave from the $0.46 low to $0.56 highs.
If there are further losses, Ripple might find support near $0.49. Besides, the 100 hourly SMA is positioned near the $0.49 level to act as a strong support.
Ripple price is currently correcting gains from the $0.56 high. Also, there are many supports on the downside between $0.49 and $0.51. Once the current wave is complete, the price of the coin might bounce back above $0.54 levels.
- RSI(14) is valued near 50 which signals "Neutral" in weekly time-frame.
- William%R – Neutral on the weekly time-frame.
- MACD(12,26) – Sell signal in weekly charts.
- ATR(14) – signals that Ripple is highly volatile.
Ripple Weekly Pivot Points
Ripple has a daily support near $0.52 and resistance near $0.55 levels.
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