Ripple Technical Analysis: XRPUSD in Predicament Near $0.51 Level


November 16, 2018 | AtoZ Markets

The recent crypto crash wiped off over $20 Billion from the crypto market as institutions took out a tremendous amount of investment for the Bitcoin Cash hard fork, which continues to be unpredictable for all the altcoins. However, Ripple somehow managed to withstand the bearish pressure.

At the time of press, Ripple is trading near $0.47 mark with the 24 hours volume of 77.93 Million, in accordance with coinmarketcap.com data. The coin holds a market capatilization of $18.9 Billion, beats Ethereum and standing at the second place in the list of top cryptocurrencies.

In the last 1 Week, the price of Ripple has moved by $ -0.04 (-7.62%) with a total volume of over $ 336.75 Million. The highest price of the coin, $ 0.5311, was on 12 November 2018 at 16:00 GMT. The lowest price, $ 0.4112, was on 14 November 2018 at 18:00 GMT.

Ripple Technical Analysis

Yesterday’s daily chart shows that Ripple price declined below the $0.50 support against the USD. The XRPUSD pair broke the $0.46, $0.45 and even $0.42 supports. The price of the coin traded towards the $0.40 level and formed a low at $0.40. Later, the XRPUSD pair started a decent upside recovery and moved above $0.45 levels. Somehow, the buyers managed to push the price above the 23.6% Fibonacci retracement level of the last slide from the $0.52 highs to $0.40 lows.

Also, the key bearish trend line with resistance at $0.46 was breached on the hourly chart of the XRPUSD. The pair is currently trading near the $0.48 resistance. Besides, the 61.8% Fibonacci retracement level of the last slide from the $0.52 high to $0.40 low is now acting as a resistance zone. Above the $0.48 handle, the main resistance is near the $0.51 and $0.53 levels.

The 100 hourly SMA is also positioned near the $0.51 level to act as a strong resistance. Therefore, it won’t be easy for buyers to clear the $0.51, $0.53 and $0.57 levels. 

In conclusion, Ripple price might consolidate in the short term above $0.48. On the downside, the key support is at $0.44 followed by $0.40 levels.

Ripple Daily Pivot Points

Ripple has a daily support near $0.44 and resistance near $0.51 levels.

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