November 12, 2018 | AtoZ Markets
Ripple price over the past two sessions is moving back after a profit booking in the crypto market. On 6th November, the price of the coin ran up to its highest level that was seen in around 6 weeks, moving above $0.57 mark.
At the time of press, Ripple price was trading near $0.50 levels with the 24 hours volume of $20.3 Million. The coin has a market cap of $20.2 Billion, in accordance with coinmarketcap data.
According to sources, Ripple continue to add giant financial players to their ever-growing list of users on their network. It was mentioned at the back-end of last month that the National Bank of Kuwait (NBK), one of the largest banks in the Middle East, is actively testing to go live with Ripple’s xCurrent payment solution.
Ripple Technical Analysis
According to 1W charts, there was a major downward correction from the $0.56 high in Ripple price against the USD. The price of the coin declined below the $0.54 and $0.52 supports. There was even a close below the $0.51 support and the 100 hourly SMA. Later, the price declined below the $0.50 support and tested the $0.48 support.
The 100 SMA line is still above the long term 200 SMA line which indicates that the path of least resistance is towards the upward direction. This indicates the bulls might trigger the market in the upcoming days.
The Ripple price started consolidating losses and it later managed to recover above $0.49 and $0.50. There was also a break above a key bearish trend line with resistance at $0.50 on the hourly chart of the XRPUSD pair. The pair tested the 23.6% Fibonacci retracement level of the last decline from the $0.56 high to $0.48 low. However, the upside move is facing sellers near the $0.50 level and the 100 hourly SMA.
If there is an upside break in Ripple price above $0.50, the price could test towards the $0.5200 resistance. The next hurdle is the 50% Fibonacci retracement of the last decline from the $0.56 highs to $0.48 lows at $0.52 handle.
Looking at the 1D chart, XRPUSD pair is currently showing positive signs above the $0.50 and $0.48 supports. Therefore, it might surge above $0.52 and $0.54 in the near term. If buyers fail, the price could slide towards $0.47- $0.45 handle.
- RSI(14) is valued near 50 which signals "Neutral" action in daily time-frame.
- William%R – "Neutral" signal on the daily time-frame.
- MACD(12,26) – Buy signal in daily charts.
- ATR(14) – signals that XRP is highly volatile.
Ripple Weekly Pivot Points
Ripple has a weekly support near $0.45 and resistance near $0.56 levels.
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