November 19, 2018 AtoZ Markets – Ripple, along with other major cryptocurrencies Bitcoin, Ethereum, Bitcoin cash, Stellar, and Litecoin, have dropped again over the last 24 hours. The rapid sell-off in the cryptomarket was due to concerns about the future of cryptocurrencies and the recent Bitcoin Cash Hard Fork which took place on 15th November.
The cryptos price has been dropping since a civil war in a BCH hard fork. The hard fork of Bitcoin Cash resulted in the creation of Bitcoin ABC and Bitcoin SV.
At the time of press, Ripple is trading near $0.47 mark with the 24 hours volume of $64.73 Million, in accordance with coinmarketcap.com data. The coin holds a market capatilization of $19.08 Billion, beats Ethereum and standing at the second place in the list of top cryptocurrencies.
In the last 1 Week, the price of the coin has dropped by -5.17% with a total volume of over $ 417.56 Million. The highest price of the coin, $ 0.5311, was on 12 November 2018. The lowest price, $ 0.4112, was on 14 November 2018 at 18:00 GMT.
Ripple Technical Analysis: Targeting $0.40 level in Short Term
Looking at Ripple's weekly chart, there was a proper support formed near the $0.43 level. The XRPUSD pair traded higher and broke the $0.48 and $0.50 resistance levels. There was even a close above the $0.48 level and the 100 hourly SMA. However, the buyers pushed the price of the coin above the $0.51 level, which is a positive sign. A high was formed at $0.51 and later the price started to decline.
It declined below $0.50 and the 23.6% Fibonacci retracement zone of the last wave from the $0.54 low to $0.51 highs. However, there are many supports on the downside near the $0.43 and $0.40 levels.
More importantly, there is a key bearish trend line formed with support at $0.43 on the hourly chart of the XRPUSD pair. The trend line support is close to the 100 hourly SMA. Besides, the 61.8% Fibonacci retracement level of the last wave from the $0.54 low to $0.51. high is near $0.4810. Therefore, as long as the price is above the $0.4800 support and the 100 hourly SMA, there could be more gains in the near term.
In conclusion, Ripple price should break the $0.52 and $0.54 level to start a fresh bullish momentum. But, as the price of the coin moved in the bearish zone, the technical charts indicates that the price might break the $0.43 support. If this happens, Ripple might test towards $0.40 levels in the upcoming days.
Ripple Weekly Pivot Points
Ripple has a weekly support near $0.43 and resistance near $0.55 levels.
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