November 22, 2018 AtoZ Markets - Ripple price is trading in a range bound zone against the US Dollar today. At the press time, Ripple is trading at $0.43 mark with a 24 hours volume of $32.62 Million, in accordance with coinmarketcap stats. The coin again beats Ethereum in terms of market cap and holds a market cap of $17.6 Billion.
Moreover, Ripple company says it is planning to utilize the speed and efficiency of XRP to create a new payment layer for the internet. Ripple’s chief market strategist Cory Johnson highlighted that the company plans to bring the world’s financial system into the 21st century by reducing the amount of time it takes to send cross-border payments.
Ripple Technical Analysis
Looking at the charts, XRPUSD pair has recovered higher after trading as low as $0.40 levels. The price of the coin moved above the $0.41 resistance and traded with a positive momentum. During the upside move, it successfully broke the 23.6% Fibonacci retracement level of the recent decline from the $0.51 high to $0.40 lows.
However, the price of the coin faced a strong resistance near the $0.45 levels, which was a support earlier. There were a couple of attempts to trade above $0.45 levels, but the buyers failed to do so. Later, Ripple's price started consolidating and it is currently trading above the $0.42 support zone. Also, there is a key contracting triangle formed with resistance at $0.44 on the hourly chart of the XRPUSD. A break above the triangle could push Ripple's price towards $0.47 and the 100 hourly SMA. An intermediate resistance is placed at the 50% Fibonacci retracement level of the recent decline.
Looking at the chart, Ripple price seems to be preparing for the next break either above $0.47 strong resistance. If there is a downside break, the price might trade below the $0.39 and $0.37 supports. However, the bulls are getting stronger, thus it is likely possible that the Ripple might break the strong resistance and could trade above $0.47 level in the upcoming days.
- RSI(14) is valued above 50 which signals "Buy" action in daily time-frame.
- William%R – "Oversold" signal on the daily time-frame.
- MACD(12,26) – "Buy" signal in daily charts.
- ATR(14) – signals that Ripple is highly volatile.
Ripple Pivot Points
Ripple has a weekly support near $0.42 and resistance near $0.47 levels.
Think we missed something? Let us know in the comments section below.