December 03, 2018 AtoZ Markets – Ripple price is trading in a bearish zone against the US Dollar today. At the press time, Ripple is trading at $0.365 mark with a 24 hours volume of $32.62 Million, in according to coinmarketcap stats.
Ripple Technical Analysis
Looking at the technical charts, after forming a high near the $0.40 level, Ripple price has started a downside move against the USD. The XRPUSD pair traded below the $0.38 and $0.37 support levels to enter a short term bearish zone. Later, the price of the coin even broke the $0.3650 daily support and the 100 hourly SMA. The decline was such that the price of the coin broke the 61.8% Fibonacci retracement level of the last wave from the $0.33 lows to $0.40 highs.
Moreover, there was a break below a major connecting bullish trend line with support at $0.36 on the hourly chart of the XRPUSD pair. The pair is currently trading with a bearish momentum below $0.36 and the 100 hourly SMA. Most importantly, an immediate support is near $0.34 and the 76.4% Fibonacci retracement level of the last wave from the $0.33 lows to $0.40 highs. Below $0.34 level, the price of the coin is likely to test the $0.33 weekly support zone. Finally, the main support is near the last swing low at $0.33.
To sum up, Ripple price is facing a solid resistance near the $0.36 level and the 100 hourly SMA. Therefore, to move into a positive zone, a close above $0.3650 and $0.3700 is required. On the downside, if the price of the coin failed to remain supported above $0.33 level then a bearish rally towards $0.30 might be experienced in near term.
- 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 $0.33 and resistance near $0.40 levels.
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