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Technical analysis

XRPUSD Analysis: Ripple Price Might Extend Gains Above $0.40 Mark

Amandeep Sonewane | Dec. 19, 2018
XRPUSD Analysis: Ripple Price Might Extend Gains Above $0.40 Mark

December 19, 2018 AtoZ Markets  - Ripple price has seen a positive trend of 13.69% over the last 24 hours of trading. The coin is now trading at a price above $0.37 mark. Ripple presently holds a $15.2 Billion market cap value which puts the cryptocurrency in second place, ahead of Ethereum.

Since the last week, the price has surged by 22.04% with a total volume of over $ 158.66 Million. The highest price of the coin, $ 0.3836, was on 19 December 2018 at 05:00 GMT, while the lowest price, $ 0.2815, was on 15 December 2018 at 17:00 GMT.

Ripple Price Prediction for Short Term

Looking at the chart, we saw a bullish move above $0.3200 in Ripple price against the USD. The XRPUSD pair did gain momentum above the $0.3400 resistance and it even broke $0.3600 level. The price of the coin is now trading well above the $0.3400 level and the 100 hourly SMA. The recent high was formed at $0.3678 and the price remains in a solid upward trend.

The 100 SMA is above the long term 200 SMA level which suggests that the path of least resistance is towards the downward direction. This suggests that the buyers might push the price from this point.

Moreover, there was a break above an ascending channel with resistance at $0.3520 level on the hourly chart of the XRPUSD. The same channel resistance might now act as a support at $0.3520 level. It coincides with the 23.6% Fibonacci retracement level of the recent wave from the $0.3208 swing low to $0.3836 swing high. If there is a downside extension below $0.3520 level, Ripple's price could revisit the $0.3400-0.3420 support zone.

Besides, the 50% Fibonacci retracement level of the recent wave from the $0.3208 low to $0.3836 high is also near $0.3440 level. Therefore, if the price of the coin corrects lower, it is likely to find a strong support above $0.3400 level.

In conclusion, Ripple price is placed nicely in an uptrend above $0.3400 level and the 100 hourly SMA. On the upside, Ripple is likely to break the $0.3836 swing high. The next stop for buyers could be $0.3850 or $0.4000 levels

Ripple Daily Pivot Points

Ripple has a daily support near $0.3309 and resistance near $0.3587 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.