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Technical analysis

Ripple Price Forecast: XRPUSD Hovering Above $0.50 Key Support

Amandeep Sonewane | Nov. 8, 2018
Ripple Price Forecast: XRPUSD Hovering Above $0.50 Key Support

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 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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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.