- Ripple has rebounded from support at $0.28 during December 2018.
- The market is now attempting to break above the $0.40 handle.
- Support moving forward – $0.3635, $0.3449, $0.3185, $0.3028, $0.2858.
- Resistance moving forward – $0.3943, $0.4179, $0.4280, $0.4542, $0.4617, $0.5098, $0.5157.
Ripple has seen a small -1.75% price drop over the past 24 hours of trading, bring the current trading price to around $0.3796, at the time of writing. The Ripple cryptocurrency has seen a a 7 day period of relatively stable price movements only moving -0.34% in the stated period and a further 30 trading days of stability where the market slipped a small -1.73%.
Where is Ripple ranked?
Ripple is now ranked in 2nd position as it retains a total market cap ranking of $15.11 billion. The cryptocurrency has seen a -37.52% price plunge throughout the previous 90 trading days as the 65 month old cryptocurrency now trades at a value that is 89% lower than the all time high price.
Let us take a look at price action for XRP/USD over the long term and gain a perspective on the market behaviour.
Ripple Price Analysis
Long Term Ripple Analysis
XRP/USD – LONG TERM – DAILY CHART
Analysing price action from the long term perspective above, we can see that RIpple has had a rough couple of previous months. However, the cryptocurrency had remained surprisingly strong relative to the rest of the industry only experiencing a, relatively muted price plunge during the cryptocurrency bloodbath in November 2018.
The XRP/USD market had reached support in the downtrend during December 2018 at a downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.2858 before the downtrend halted.
Price action then went on to rally until it met resistance at a bearish .618 Fibonacci Retracement level (drawn in red) priced at $0.4617. This Fibonacci Retracement level is measured from the high seen during November 2018 to the low seen in December 2018.
Let us continue to take a closer look at price action and highlight any areas of potential support and resistance moving forward.
Short Term Ripple Analysis
XRP/USD – SHORT TERM – 4HR CHART
What’s been going on?
Looking at the 4HR chart above, we can see that after reversing at the support provided by the downside 1.414 Fibonacci Extension level (drawn in lilac) priced at $0.2858, the market went on to rally aggressively in the second half of December 2018.
XRP/USd had found resistance at the bearish .618 Fibonacci Retracement level (drawn in red) and had reversed once again.
After reversing, the market went on to decline until finding support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449 where the market rebounded once again.
Where are we now?
After rebounding at the support at $0.3449, XRP/USD went on to rise but met resistance at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.3942.
The market is now trading at the $0.3783 handle, at the time of writing, as it now makes an attempt to break above the resistance at $0.3942.
Where can we go from here?
If the buyers can proceed to push XRP/USD above the resistance at $0.3942 and break above the $0.40 handle, we can expect further higher resistance above to then be located at the previous short term 1.272 Fibonacci Extension level (drawn in purple) priced at $0.4178 closely followed by the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.4280.
Further resistance above $0.43 will then be expected at the previous short term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.4542 closely followed by the bearish .618 Fibonacci Retracement level (drawn in purple) priced at $0.4617.
If the bulls can then continue to climb higher above the $0.50 handle they will encounter more resistance at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $0.5098 followed by the medium termed 1.272 Fibonacci Extension level (drawn in blue) priced at $0.5157.
What if the bears regain control?
If the bears regain a grip of the market control and begin to push price action lower, we can expect immediate support toward the downside to be located at the short term .5 and .618 Fibonacci Extension levels (drawn in green) priced at $0.3635 and $0.3449, respectively.
If the sellers continue to pressure the market further below $0.34 then they will meet more support beneath at the .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.3185 and $0.3028, respectively.
What are the technical indicators showing?
The RSI remains above the 50 handle on the daily timeframe which indicates that the bulls are still in control of the market momentum. So long as the daily RSI can remain above the 50 handle we can expect positive movements within the XRP/USD market.