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Amandeep Sonewane

10 December 2018

Cryptocurrency Technical analysis

XRPUSD Analysis: Ripple Price Might Face Bearish Rally Towards $0.26 Support

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November 27, 2018 AtoZ Markets -  Ripple price has seen a negative downward move of -1.01% over the past 24 hours of trading. The coin is now trading at a price below $0.30 levels. The crypto market has had a turbulent 7-day period as price drops by a total of -15.18%, according to CoinMarketCap stats. Ripple presently holds a $12.5 billion market cap value which puts the cryptocurrency in second place, ahead of Ethereum.

Since a week, the price of Ripple coin has moved by -15.18% with a total volume of over $ 203.15 Million. The highest price of the coin, $ 0.3629, was on 04 December 2018 at 17:00 GMT while the lowest price, $ 0.2894, was on Friday, 07 December 2018 at 19:00 GMT.

Ripple Price Technical Analysis for Short Term

Looking at the technical charts, Ripple price is forming a decent support base near $0.2692 against the US Dollar. The XRPUSD pair traded above the $0.2950 and $0.3000 resistance levels. The price of the coin even broke the 23.6% Fibonacci retracement level of the last decline from the $0.34 swing highs to $0.28 lows. However, the price of Ripple faced a solid resistance near the $0.31 handle.

Moreover, buyers struggled to push the price above the $0.31 level and the 100 hourly SMA. More importantly, there is a crucial bearish trend line formed with resistance at $0.31 on the hourly chart of the XRPUSD. The pair also failed near the 50% Fibonacci retracement level of the last decline from the $0.34 swing highs to $0.28 lows. However, a successful close above $0.31 and $0.32 level, and the 100 hourly SMA is needed for the buyers to gain bullish traction. The 100 SMA line is still below the long term 200 SMA which indicates that the path of least resistance is towards the downside. Thus, a bearish pull might continue for the coin in short term.

In conclusion, Ripple price seems to be facing a major hurdle near $0.31- 0.32 pivot points. Therefore, sellers might remain in action and there are huge chances of a fresh decline below $0.30 mark. The next major support for Ripple is $0.26, below this level the price might face heavy sell-off towards $0.23 in the 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 significant support near $0.26 and resistance near $0.36 levels.

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

technical analysis Ripple XRP/USD XRP
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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