When Will Ripple XRP breaks from its range?


Yesterday was a day of unusual commercial activity for the cryptocurrency market. Many coins were appreciated and the altcoins outperformed the Bitcoin (Bitcoin outperformed the Altcoin for most of 2018). Recent weekends consisted of low volume exchanges with small price movements. However, this weekend saw a significant appreciation in a number of altcoins with Bitcoin Cash which appreciated 20% over the course of 24 hours.

The third largest cryptocurrency by market capitalization, Ripple's XRP, was appreciated yesterday, but it was not among the best. The XRP is valued at around $ 0.45 to about $ 0.466. It continued to operate in a range in the last few weeks when price action was trading between $ 0.42 and $ 0.48. There is some key resistance at $ 0.49 just above the interval in which XRP is traded. This could lead to a greater possibility of a break outside of the gap compared to a break up. But with the most bullish global market, XRP may be able to overcome this resistance by moving with the general market.

Daily XRP chart – Source: Tradingview.com

The hourly chart shows yesterday's peaks followed by a retracement and consolidation of price action. The MACD is converging on its central line showing a shift to the dynamics of the seller.

XRP time chart – Source: Tradingview.com

Key Takeaways:

  • The XRP was appreciated yesterday along with the rest of the market, but remains in the range that has been formed in recent weeks.
  • Key resistance just above the range, but the XRP price moving with the market could be enough to break the resistance. The general market was more bullish with significant increases over the weekend.
  • The hourly chart shows yesterday's peak followed by a retracement and consolidation. The hourly MACD is converging towards the central line showing a shift to the dynamics of the seller.
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