Ripple saw a 17.91% price increase at the time of writing in the last 24 hours of trading. The cryptocurrency is now exchanging hands at the price of $ 0.3241, while the cryptocurrency rises again above the $ 0.30 handle again. Ripple has now seen a 23.76% price increase over the last 7 trading days.
There is not much news as to why the Ripple token could have skyrocketed, although some have speculated that a huge announcement may be coming, possibly related to adding Ripple to Coinbase. This would greatly increase the argument that Ripple has the ability to decouple from traditional Bitcoin price movements.
Ripple still holds the No. 3 ranking in terms of overall market capitalization across the industry. It currently has a total market capitalization value of $ 12.90 billion, bringing the 90-day trading price to just -39.78%. Ripple is now trading at a price 91% lower than its all-time high price.
We continue and analyze the short term Ripple prices and update any areas of support and resistance.
XRP / USD – SHORT TERM – DAILY DAILY
Analyzing the long-term price action we can see that price action has developed from our last piece of technical analysis on XRP. We can see that our support level highlighting the 1.618 Fibonacci Extension level (drawn in blue) at the price of $ 0.2669 was maintained while supporting the market throughout the bloodbath of the market seen in September 2018. This level of price is also the price level where the market has rebounded from today.
We can see that the 17% price increase caused a market contraction higher than $ 0.30 and continued until the resistance was not met at the previous downside 1.272 Fibonacci Extension (drawn in red) at the price of $ 0.3418. When the price action hit this level, the bulls encountered some resistance and the market started to retrace slightly.
Analyzing the market in the last two months, it is clear that the Ripple market has established a bound trading interval between the 1,414 Fibonacci level extension (drawn in blue) at the price of $ 0.3596 as the upper limit and the extension level 1.618 FIbonacci on the downside (drawn in blue) at the price of $ 0.2660 as the lower limit of the trading interval.
If the market can continue to rally above the resistance level valued at $ 0.3418, we expect a further significant resistance above to be situated at the upper limit of the range priced at $ 0.3596. If price action can break above, then a further higher endurance can be localized in the long run .886 Fibonacci retracement level priced at $ 0.40. This resistance area will be supported by the 100-day moving average that is currently poised at the same price level.
Alternatively, any negative price pressure should be supported by the lower limit of the trading range set at $ 0.2660. If price action can penetrate below this level, additional support can be expected below the 1,616 FIbonacci Extension level (drawn in red) for $ 0.2419.
Technical indicators within the market have recently turned to the bulls' favor, as the RSI diverges well above the grip 50. This indicates that the bulls have total control over the quantity of motorcycles in the market. As long as the RSI will be above the 50 limit, we can expect this market to continue to make further gains.