Ripple (XRP) Analysis # 004 – Ripple rebounds from its low to $ 0.25; New monthly highs?

  Ripple Analysis (XRP) # 004 - Ripple rebounds from its low to $ 0.25; Fresh Monthly Highs Next?
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Ripple has seen a fair price increase of 6.44% in the last 24 hours of trading. The cryptocurrency is currently trading at a price of $ 0.35 after seeing a 5.15% increase over the last 7 trading days.

Much has happened since our last Ripple update and we have updated our levels of support and resistance for this. In the last 2 months Ripple has been added to Bittrex as a base pair that allows users to trade USD directly for XRP without having to go through BTC pairing. Along with this, the Weiss rating agency called Ripple the fastest currency and is an ideal base currency for the Binacne platform.

The Ripple team has also recently begun to push the narrative that cryptocurrency is becoming more decentralized because less than 50% of nodes are now managed by non-Ripple team members.

Ripple is currently ranked 3rd in the industry with a total capitalization value of $ 13.90 billion. Although the markets have started to show some promising signs, the recovery still has a long way to go after XRP has lost 22% in the last 30 trading days and 43% in the last 90 trading days.

We continue to analyze price action for short-term XRP

Price analysis

XRP / USD – SHORT TERM – DIALY CHART

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Analyzing the market from the short-term perspective above, we can see that the market has in front of a few months from a high close to $ 1 in April 2018 to a minimum of $ 0.25, seen recently during this month

We expected the Fibonacci long-term retracement level .886 to provide significant support to support the market, however, the cryptocurrency blood bath testified at the beginning of August caused a further decrease in XRP. .

We can see that, in August 2018, price action fell rapidly until support at a 1.64 Fibonacci downside (red) was reached at the price of $ 0.24. This level of support was also reinforced by another slightly longer side called the 1.618 Fibonacci Extension level (drawn in blue) for $ 0.26. This level of support proved to be valid as the market has recently rebounded from this area.

The market is currently trading in resistance marked by the downtrend 1.414 Fibonacci Extension at the price of $ 0.35. If the recently experienced bullish price action can push the market beyond $ 0.35, we expect the immediate resistance to be localized in the previous long term .886 Fibonacci retracement level priced at $ 0.40. A further significant above this level will be expected at the 100-day moving average which is currently around $ 0.46, followed by psychological $ 0.50 handling.

Alternatively, any bearish pressure is expected to be immediately supported by the short-term negative side. 1.414 Fibonacci The extension level has set a price of $ 0.30 followed by the Fibonacci 1.618 extension level at the price of $ 0.24. .

The technical indicators within the market have recently begun to show signs that would lead the bulls to joy when the RSI exceeds the limit of 50. This shows that the previous downward momentum has vanished and that the Now they have taken control of the market.

Similarly, moving averages show signs that will soon begin to favor bulls as a moving average position for a bullish crossover signal. If the 7 day EMA (blue EMA) can exceed 21 days EMA (purple EMA), this will produce the bullish crossover signal indicating that the bullish pressure is starting to build strongly within of the market.

What is your thought about this ?, Let us know in the comments section below.


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