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Technical analysis

Ripple Price Outlook: Will XRPUSD Bounce Back Above $0.31 Mark?

Amandeep Sonewane | Dec. 13, 2018
Ripple Price Outlook: Will XRPUSD Bounce Back Above $0.31 Mark?

December 13, 2018 AtoZ Markets - Ripple price has seen a positive trend of 0.23% over the past 24 hours of trading. The coin is now trading at a price above $0.30 levels. Ripple presently holds a $12.4 Billion market cap value which puts the cryptocurrency in second place, ahead of Ethereum.

Since the last week, the price of Ripple has moved by -9.80% with a total volume of over $ 164.25 Million. The highest price, $ 0.3431, was on 06 December 2018 at 11:00 GMT while the lowest price, $ 0.2894, was on Friday, 07 December 2018 at 19:00 GMT.

Ripple Price Daily Technical Analysis

Looking at the charts, after forming a support near the $0.2920 level, Ripple price traded higher against the USD. The XRPUSD pair broke the $0.2980 and $0.3000 resistance levels to move into a positive side. Also, there was even a break above the 50% Fibonacci retracement level of the last decline from the $0.3180 highs to $0.2916 lows. Moreover, there was a break above the $0.3060 resistance and the 100 hourly SMA.

However, the 100 SMA line is still below the 200 SMA which suggests that the path of least resistance is towards the downward direction.

Moreover, this week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRPUSD. It sucessfully cleared the path for more gains and the price traded close to the $0.31 level. A high was formed at $0.3090 and later the price of the coin retreated lower. It recently traded below the 50% Fibonacci retracement level of the recent wave from the $0.2916 swing low to $0.3090 swing high. On the downside, there are many supports near the $0.2987 and $0.2925 levels. Therefore, if the price of the coin dips from the current levels, it might find buyers above $0.2920.

In conclusion, Ripple price is likely to resume its upward move above $0.3060 level as long as it is above $0.2920 level. The main resistance levels on the upside are $0.3090 and $0.3100, followed by the $0.3150 area.

Ripple Weekly Pivot Points

Ripple has a significant weekly support near $0.2692 and resistance near $0.3605 levels.

Think we missed something? Let us know in the comments section below.

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.