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Key points:
- Ripple sees a 7% increase like the rest of the market struggles.
- The cryptocurrency is now in the second market position, $ 2 billion more than Ethereum.
- Support to move forward; $ 0.4975, $ 0.4755, $ 0.4702, $ 0.4535, $ 0.44, $ 0.4221, $ 0.4091, $ 0.4034, $ 0.3825.
- Resistance advancing; $ 0.5198, $ 0.5356, $ 0.5584, $ 0.5933, $ 0.6057, $ 0.62478, $ 0.6378, $ 0.6523.
While the rest of the cryptocurrency market is struggling to make a comeback, Ripple is leading the pack with a 7.79% price increase in the last 24 hours of trading. Ripple is currently trading above $ 0.50 to $ 0.52 at the time of writing, after seeing a price peak of 2.75% over the last 7 trading days.
Ripple is now ranked 2nd in the overall capital cap rankings, once again recognizing Ethereum. Ripple continued to grow $ 2 billion before Ethereum as it currently holds a total capitalization value of $ 20.79 billion.
The XRP has seen a 90-day period in which the share price has increased by an impressive 61%, given that the 63-month currency is now trading at a price lower than 85% at the high price of all time.
We look forward to continuing to analyze XRP / USD in the medium term and to highlight any potential support and resistance areas in the future.
Price analysis of undulations [XRP]
XRP / USD – MEDIUM TERM – DAILY TABLE
https://www.tradingview.com/x/hBuQypwg/
Analyzing the price action in the medium term we can see that Ripple saw a slight rise in prices starting from a minimum of $ 0.3780 on October 12, 2018 and has extended to a maximum of $ 0.5698 the November 6, 2018. This was a price increase of 50%.
We can see that on November 14, the day Bitcoin collapsed under $ 6000 in a total market wipeout, Ripple had fallen to the support provided by the 1.27 Fibonacci Extension bearish price (drawn in red) for $ 0, 4091 before the rebound. The market managed to rebound and find support at the Fibonacci REtracement level .5 (drawn in blue) for $ 0.4755.
Since then the market has risen and is now negotiating the resistance provided by the short-term Fibonacci extension level 1,272 (drawn in purple) at the price of $ 0.5198. Going forward, if buyers can push prices above this resistance level and continue higher, they will meet resistance at Fibonacci Extension levels 1414 and 1.618 (extracted in purple) for $ 0.5356 and $ 0.5584, respectively.
If the bullish momentum can persist even higher, we can find more resistances above being in the medium term 1,227 and 1,414 Fibonacci Extension levels (drawn in orange) at the price of $ 0,6057 and $ 0,6248.
On the other hand, in our bearish scenario, if sellers group and push lower price action, we can expect immediate support below the levels of .382 and .5 Fibonacci Retract (drawn in blue ) priced at $ 0.4975 and $ 0.4755, respectively.
If sellers continue to drive prices below $ 0.47, additional underlying support can then be placed at Fibonacci retracement levels .786 and .886 (drawn in blue) to the price of $ 0.4221 and $ 0.4032, respectively.
The RSI has recently climbed above the 50 handles to indicate that the bulls have returned to control the momentum in the market. If the RSI continues to rise, we can expect that price action will continue further.
Summary
Item name
Price analysis of undulations: undulations increase by more than 7% today, while cryptographic markets are attempting to recover
Description
While the rest of the cryptocurrency market is struggling to make a comeback, Ripple is leading the pack with a 7.79% price increase in the last 24 hours of trading. Ripple is currently trading above $ 0.50 to $ 0.52 at the time of writing, after seeing a price peak of 2.75% over the last 7 trading days.
Author
Yaz Sheikh
Publisher name
Coingape
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