Ripple could not sustain last week recovery to $0.4 despite Monday's Kucoin listing. Now finding support at $0.3, will it spike up?
December 04, 2018 | AtoZ Markets - On Monday, Singapore-based Cryptocurrency exchange announced that it has added XRP to its list of tradable digital assets and clients will be able trade XRP pairs with 99% discount of the trading fee. Ripple reacted mildly to this news as it still points downside. After last week 25-30% recovery seen in most Cryptocurrencies, prices have returned downside this week but haven't touched the new 2018 lows formed last month.
Ripple is currently trading between 34 and 35 cents after dropping from last week's recovery to 40 cent. Cryptocurrency market is still under a strong bearish force. Ripple, which now stays comfortably as the second largest crypto, might drop further if the 30 cent support level is taken out. To the upside, there might be a big bullish surprise before the year ends as price is completing a bearish corrective structure. Ripple which currently has $14 billion (coinmarketcap) market cap has 11% share of the entire cryptocurrency market capitalization.
XRPUSD Technical Analysis and Important Price Levels
Since the September spike from 25 cent (2018 low) to 79 cent, Ripple has been dragged by the pessimism in the market below 35 cent. Most coin hit a fresh year low last month but Ripple stayed above though it has lost 91% of its market value since it peaked above $3 in January. However, the dip from 79 cent looks corrective and about completing a double zigzag pattern. Price has not shown any sign of reversal yet. 25-30 cent is a very important support zone. If the bearish year continues below 25 cent, XRP will most likely hit 12 cent. Before November 2017 breakout, price stayed between 12 cent and 30 cent to complete a triangle pattern between September and November 2017. The current dip is just above this zone. In the coming days, we will see if this zone would be the base for a bullish recovery or price would dip below.
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