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Technical analysis

XRPUSD Outlook: Will Ripple Price Break the $0.26 Weekly Support?

Amandeep Sonewane | Dec. 11, 2018
XRPUSD Outlook: Will Ripple Price Break the $0.26 Weekly Support?

December 11, 2018 AtoZ Markets   Ripple has experienced a decline of 2.12% against the USD over the past 24 hours of trading. Ripple coin continues to hold the second position with a total market cap of $12.3 Billion, putting them over $3.1 Billion ahead of Ethereum’s market cap.

From the last week, the price of the coin has dropped by 15.71% with a total volume of over $ 188.12 Million. The highest price, $ 0.3629, was on 04 December 2018 at 17:00 GMT while the bottom was at $ 0.2894 on 07 December 2018 at 19:00 GMT.

Ripple Technical Analysis

Looking at the charts, Ripple price dropped below the $0.30 mark against the US Dollar. The XRPUSD pair traded close to the $0.31 resistance, which acted as a barrier for buyers. A short term high was formed at $0.31 and later the price started a downside move. The price of the coin declined heavily and moved below the $0.3040 and $0.3000 daily support levels. Also, the sellers even pushed the price of the coin below the 76.4% Fibonacci retracement level of the last wave from the $0.29 swing low to $0.31 swing high.

On the weekly charts, there was a close below $0.30 and the 100 hourly SMA. The price of the coin traded close to the $0.29 level swing low. It is currently consolidating losses, with an initial resistance at $0.30 level. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $0.30 on the hourly chart of the XRPUSD pair. Therefore, if the price of Ripple corrects higher, it is likely to face sellers near $0.32 handle and the 100 hourly SMA. As per the technical indicators, 100 SMA line is below the 200 line which suggests that the path of least resistance is towards the downward direction. Thus, Ripple might face a sell-off at this zone.

To sum up, Ripple price might extend losses below $0.30 level. Sellers could push the price of the coin near the weekly strong support which is placed at $0.26 zone.

  • 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 Daily Pivot Points

Ripple has a daily support near $0.2692 and resistance near $0.3605 levels.

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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.