Ripple price is slowly gaining momentum against the USD. XRPUSD pair is likely to trade higher towards the $0.39 and $0.40 resistances in near term.
November 28, 2018 AtoZ Markets - Ripple coin has surged about 7% in the past 24 hours with a volume of $40.67 Million. The price of the coin currently stands at $0.37 mark, according to the CoinMarketCap data. The coin has a market cap of $15 Billion.
Ripple Technical Analysis
As per the yesterday's charts, there was a slight downward reaction below the $0.35 and $0.34 levels in the XRPUSD pair. The price of the Ripple even spiked below the $0.335 level and traded as low as $0.33 level. Later on, Ripple price started a fresh upward move and traded above the $0.34 and $0.35 resistance levels. Furthermore, there was a break above the 50% Fibonacci retracement level of the recent drop from the $0.4590 high to $0.3234 low.
According to the weekly charts, the 100 SMA line is still below the long term 200 SMA which indicates that the path of least resistance is towards the downside. Thus, a bearish pressure might be seen in the near term.
Most importantly, the XRPUSD pair has breached the week’s important bearish trend line with resistance at $0.35 on the hourly chart. This opened the doors for more gains and the price of Ripple moved above the $0.36 resistance. The price is also testing the 61.8% Fibonacci retracement level of the recent drop from the $0.38 highs to $0.33 lows. If there is a proper break above the $0.37 resistance level, the price of the coin might trade towards the $0.38 resistance level.
In conclusion, Ripple price is slowly moving in a positive zone with a close above $0.36 level. If there is a downside reaction, the previous resistance at $0.35 and $0.34 levels are likely to act as supports. However, a small correction could be seen in the upcoming days and if the Ripple's price breaks the $0.32 crucial support than a huge sell-off might be seen in the upcoming days.
- RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
- William%R – "Oversold" signal on the daily time-frame.
- MACD(12,26) – "Sell" signal in daily charts.
- ATR(14) – signals that Ripple is highly volatile.
Ripple Pivot Points
Ripple has a daily support near $0.34 and resistance near $0.38 levels.
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