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Ripple recovers position in the number 2 ranking in view of Ethereum

Ripple has seen a solid 24-hour trading period as the rest of the market sinks. It has seen a price increase of 3.40% over the last 24 hours, as the currency is now tradable at $ 0.4736 at the time of writing.

Key points:

  • Ripple managed to overcome the overall cryptocurrency storm.
  • The project recently disclosed Ethereum to claim the number 2 ranking.
  • Support to move forward; $ 0.4702, $ 0.45, $ 0.4091, $ 0.3825, $ 0.3429, $ 0.30, $ 0.2478.
  • Resistance advancing; $ 0.50, $ 0.5317, $ 0.5933, $ 0.6378, $ 0.70, $ 0.7345, $ 0.7866, $ 0.8612

Ripple managed to win Ripple in position number 2 in the ranking of market capitalizations. Currently holds a market capitalization of $ 19.51 billion after the 63-month project saw a strong 90-day period with an increase in price action of over 32%

The market is now trading at a lower value of 86% compared to the high price of all time.

We continue to analyze price action for Ripple in the short term and proceed to highlight any potential areas of support and resistance.

Price analysis of undulations

XRP / USD – SHORT TERM – DAILY DAILY

Price analysis of undulations
Graph source for Tradingview

Analyzing the price action from the short-term perspective above, we can see that ripple has found a strong form of support at a downside 1.618 Fibonacci Extension (drawn in red) at the price of $ 0.2478 in September 2018. The market has used this position to stay above the $ 0.25 handle.

Towards the end of September, we witnessed a dramatic increase when price action started at a low of $ 0.2528 and reached a maximum of $ 0.7978. This was a total increase of over 210% from the low to the high.

We can see that price action has since risen from this level and has continued to decline until short-term support arrives .786 Fibonacci retracement level (drawn in green) for $ 0 , 3825. The market crisis rebounded from this level and started to rise to just above $ 0.50.

We can also see that price action has been relatively unscathed during yesterday's market crash. The price action was absorbed to a minimum of $ 0.4091 expected from the Fibonacci extension level of 1.227 on the downside (drawn in red) before rebounding and closing again above $ 0.47.

Going forward, if the bulls progress to push the prices of the market higher, we can expect the immediate resistance above to be found at the $ 0.50 handle followed by the Fibonacci retracement level. of .5 (drawn in green) for $ 0.5317. An additional resistance above this level can therefore be located at the Fibonacci retracement level of .382 at the price of $ 0.5933.

If buyers can persist in pushing market shares above the resistance at $ 0.63. we can therefore expect the highest resistance to be localized to the Fibonacci extension levels of 1.272 and 1.414 (drawn in blue) at the price of $ 0.7345 and $ 0.7866 respectively. The last resistance level shown above is the 1.618 Fibonacci Extension level (drawn in blue) for $ 0.8614.

On the other hand, if sellers re-enter the market and push price action down, we can expect the underlying immediate support to be down on the 1,272 Fibonacci Extension (drawn in red) for $ 0.4091 followed by the Fibonacci retraction level .786 (drawn in green) for $ 0.3825.

Summary

Price analysis of ripples: Ripple recovers position in the number 2 ranking in advance on Ethereum

Item name

Price analysis of ripples: Ripple recovers position in the number 2 ranking in advance on Ethereum

Description

Ripple has seen a solid 24-hour trading period as the rest of the market sinks. It has seen a price increase of 3.40% over the last 24 hours, as the currency is now negotiable with a handle of $ 0.4936 at the time of writing.

Author

Yaz Sheikh

Publisher name

Coingape

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