Ripple price is under bearish pressure against the US Dollar and could correct higher, but the previous support at $0.5500 may now prevent gains. Here is the Ripple forecast for today after it turned bearish below $0.55 mark.
03 October 2018- Ripple has dropped about 8% in the past 24 hours, following last week’s epic stretch. The price of the coin currently stands at $0.52, according to the data taken from Polonix. The coin now has a market cap of $52 Billion beating Ethereum in the list. In the last 1 Week, the price saw a significant downturn of 3.91% with a total volume of over $ 719.08 Million. The highest price, $ 0.6225, was on Sunday, 30 September 2018.
The pioneering payments and cryptocurrency platform – Crypto.com has announced that it has added Ripple to the Wallet & Card app. Now the users can securely buy, sell, send, store and track Ripple and other cryptocurrencies through the wallet app. Also, yesterday, Ripple Labs revealed that it had signed up three US-based companies to its new XRapid service, allow the coin to carry out faster international transactions.
Ripple Technical Analysis
Ripple price has fallen from recent highs of $0.61 mark since the beginning of the Ripple Swell event yesterday, dropping to $0.52 level. Now at just under $0.60 mark, it has been battling with Ethereum for the second biggest market capitalization in the world of cryptocurrencies.
As per the technical charts, Ripple breaks couple of important supports near the $0.5520 level against the USD. The coin recently faced an increased selling pressure and broke the $0.55 crucial support. The decline was such that the price even broke the $0.5500 support and the daily 100 SMA level.
The 100 SMA line is below the longer-term 200 SMA line which indicates that the path of least resistance is to the downside. This suggests that the pair might make a bearish move in the short-term as the gap between the moving average widened.
Moreover, if the pair failed to control the bearish pressure and breaks the strong support level near $0.49 level than a downward rally towards $0.47- $0.43 zone might be seen in upcoming days.
- The relative strength index(14) value dip below 50 in daily time-frame signals – “Sell.”
- The STOCHRSI(14) value is near 100 – “Overbought” in daily time-frame.
- According to ATR(14) indicator, the XRPUSD pair is highly volatile.
Ripple Pivot Points
Ripple has a significant support near $0.49 and resistance near $0.56 level.