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Technical analysis

Analysis: Ripple Price Remains Backed Above $0.46 Support

Amandeep Sonewane | Oct. 22, 2018
Analysis: Ripple Price Remains Backed Above $0.46 Support

Ripple price is consolidating above key supports against the USD. The price of the coin must break the $0.48- $0.52 resistance to surge higher.

22 October 2018, AtoZMarkets - Ripple price is currently trading near $0.46 mark with a 24-hours volume of $ 11.98 Million. The coin has a market cap of $46 Billion according to coinmarketcap.com data. In the last 1 Week, the price has moved by $ -0.03 (-5.75%) with a total volume of over $ 243.73 M. The highest price, $ 0.49, was on Monday, 15 October 2018. 

MoneyNetInt completely deployed decentralized payments on RippleNet. The firm highlights that it will use the technology offered by Ripple’s team to process foreign-exchanging trades. Similar, using the very famous payment solution that Ripple’s team has developed – xVia, Moneymatch has declared that it has moved value/money from Malaysia to Spain.

Adrian Yap, the CEO of MoneyMatch quoted that:

“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”

Ripple Technical Analysis

Ripple is bearish and is down 6 percent in the last week. Despite the downtrend, a stand out has been the resilience of buyers. According to the candlestick charts, a Harami Bullish candlestick pattern has emerged in the 1D timeframe. The above-mentioned pattern signals the bullish reversal from this point. This Pattern is characterized by a small white real body contained within a prior relatively long black real body. The smaller the second candlestick, the stronger is the reversal signal. However, the Pattern needs confirmation on the next candlestick.

Moreover, the 100 SMA line is above the 200 SMA which indicates that the path of least resistance is to the upside. Thus, a bullish rally might be seen in the upcoming days. 

As per the 1D charts, Ripple is stable. The daily EMA (200) having the value of 0.50 is still to be achieved. Ripple is currently resisting near $0.46- $0.47. However, the daily Volume Weighted Moving Average (20) somehow has recovered from the oversold zone to the buying zone. The daily Hull Moving Average (9) which is in the sell zone having a value of 0.47.

If Ripple can surpass the $0.52 resistance zone, it will be possible for XRPUSD to initiate a long-awaited rally to the upside. However, if it fails to break out of a major resistance level, then there exists a possibility that it might struggle to maintain momentum and falls back to the weekly support near $0.40 level.

  • The RSI(14) value is near 50 which signals "Neutral" in weekly time-frame
  • The William%R signals the "Buy" action on the 1W timeframe.
  • MACD(12,26) – "Buy" signal in weekly charts.
  • ATR(14) signals Ripple is less volatile.

Ripple Weekly Pivot Points

Ripple has a weekly strong support at $0.40 and resistance near $0.50 levels.

Think we missed something? Let us know in the comments section below. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.