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Key points:
- Ripple fell back below the $ 0.50 handle of the last trading session to trade around $ 0.44.
- The market expects strong support combined with $ 0.40.
- Support to move forward; $ 0.45, $ 0.4221, $ 0.4091, $ 0.4034, $ 0.3825, $ 0.3429, $ 0.3304.
- Resistance advancing; $ 0.4702, $ 0.4755, $ 0.4975, $ 0.5198, $ 0.5365, $ 0.5584, $ 0.60.
Ripple saw a further fall in prices of -9.32% in the last 24 hours of trading against the USD. The market is currently trading at a price of $ 0.4463 after suffering a 13% price drop over the last 7 trading days. However, compared to the rest of the cryptocurrency market, Ripple held relatively strong.
Ripple continues to hold the number 2 ranking position in terms of the overall value of the market capitalization in the entire sector. It currently holds a value of $ 18 billion and continues to widen the gap between Ethereum. The XRP has seen a 38% price increase over the last 90 trading days, as the 64-month currency now trades at a price less than 87% of the historical maximum.
We continue to analyze the price action for XRP / USD in the short term.
Price analysis of undulations [XRP]
XRP / USD – SHORT TERM – DAILY DAILY
Analyzing the price action from the short-term perspective above, we can see that the recent decline in the market has seen XRP / USD drop to a minimum of $ 0.3961 today. We can see that this area was strongly supported by the short-term retracement level of .886 Fibonacci (drawn in blue) at the price of $ 0.4034 and the Fibonacci extension level 1,227.2 (drawn in red) at the price of $ 0.4091.
When the market hit this combined support area, the bulls returned and started to recover some of the losses. We can see that XRP / USD is now trading with the support provided by the short-term level .618 Fibonacci Retracement (drawn in blue) for $ 0.4535, as the Bulls fight for control.
Going forward, if sellers continue to drive prices below the $ 0.45 handle, we can expect immediate support below to be located in the short term .786 Fibonacci Retracement level (drawn in blue) priced at $ 0.4221 followed by combined support for $ 0.40 handle.
If the bearish sentiment continues to fall further, further support can be found on October 12 at a low price of $ 0.3780 followed by the long-term downtrend 1.414 Fibonacci Extension level (drawn in red) priced at $ 0.3428.
Alternatively, on the other hand, if buyers can maintain support at $ 0.4535 and drive higher price action, we can expect a further resistance to be posed at the retracement levels. of Fibonacci .5 and .382 (traced in blue) at the price of $ 0.4755 and $ 0.4975, respectively.
If the bullish momentum continues to push the price further, then higher resistance can be found at the short-term Fibonacci Extension levels 1.414 and 1.618 (in purple) with a price of $ 0.5356 and $ 0.5584, respectively.
Recently the RSI has slipped below the 50 handles to indicate that the sellers have control of the market momentum. For a signal that the sales pressure is fading, we will look towards the RSI going back to the 50 handles.
Summary
Item name
Price analysis of undulations: ripple plummets below $ 0.50; Support below $ 0.40
Description
Ripple fell back below the $ 0.50 handle of the last trading session to trade around $ 0.44.
The market expects strong support combined with $ 0.40.
Support to move forward; $ 0.45, $ 0.4221, $ 0.4091, $ 0.4034, $ 0.3825, $ 0.3429, $ 0.3304.
Resistance advancing; $ 0.4702, $ 0.4755, $ 0.4975, $ 0.5198, $ 0.5365, $ 0.5584, $ 0.60.
Author
Yaz Sheikh
Publisher name
Coingape
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