Price analysis of ripple – Ripple Remains Supported at $ 0.35; Will the Bears cluster to push prices below?

December 1, 2018 Ripple

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Ripple has seen a further fall in prices of -2.35% in the last 24 hours of trading. The market is currently trading at a price around $ 0.3614 after suffering a further decline of -10.98% compared to the previous 7 trading days.

Ripple remained stable with a strong handle support of $ 0.3596.
Price action has remained buoyant at this level in the last 8 trading sessions, increasing its validity.
Support to move forward; $ 0.3596, $ 0.3249, $ 0.30, $ 0.2669, $ 0.2468.
Resistance advancing; $ 0.3775, $ 0.4022, $ 0.4242, $ 0.4659, $ 0.50, $ 0.5280, $ 0.5901, $ 0.60, $ 0.6852

Ripple is ranked 2nd in the ranking of market capitalizations with a total market capitalization value of $ 14.57 billion. The 64-month project saw an approximate 30-day trading period in which price action fell by almost 20%. However, it is important to consider that, compared to the rest of the entire cryptocurrency market, this was a rather low price drop, as most of the other cryptocurrencies lost significantly more in November 2018.

Ripple is now trading at a price 90% lower than the high value of all time.

We continue to analyze the prices for XRP in the short term and highlight any areas of support and resistance in the future.

XRP / USD – SHORT TERM – DAILY DIAGRAM

Daily chart — Graph purchased from TradingView

Analyzing the market of the last 3 months presented above, we can see that the market decreased in November 2018, but found a solid support to a long-term downside 1.414 Fibonacci Extension (drawn in blue) for $ 0 , 3596. Price action has managed to remain buoyant in this area over the last 8 trading days, preventing the Ripple market from plunging further below.

Looking ahead, if the market succumbs to bearish pressure and price action falls below support at $ 0.35, we can expect further immediate support in the short term .886 Fibonacci Retracement level (drawn in green) at the price of $ 0.3249. This level of Fibonacci retracement is measured by the market surge in September 2018, when Ripple announced a partnership with a major bank company.

If sales pressure continues to push prices even further down, more support can be expected under the psychological round number handle at $ 0.30 followed by additional support at the extension level 1.618 Fibonacci (drawn in blue) priced at $ 0.2669. If the market has penetrated below, then more long-term downtrend support can be expected. 1.272 FIbonacci extension level (extracted in red) priced at $ 0.2468.

Alternatively, in the bullish scenario, if the market starts to rise from strong support at $ 0.35, we can expect the initial resistance above to be localized in the short term .786 Fibonacci retracement level (drawn in green) for $ 0.37 followed by the previous fall 1.272 Fibonacci extension level (drawn in blue) priced at $ 0.4242.

If buyers can keep pushing higher, then you can expect more resistance above the levels of .618 and .5 Fibonacci Retracement for $ 0.4659 and $ 0.5280 respectively.