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  • Ripple price is under pressure and struggling to surpass the $0.2660 resistance against the US dollar.
  • The price is currently declining and it is likely to break the $0.2580 support area.
  • There is a major bearish trend line forming with resistance near $0.2645 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • Conversely, Ethereum is still holding the main $180 and $178 support levels.

Ripple price is facing an increase in selling below $0.2650 against the US Dollar, similar to bitcoin. XRP price could continue to move down below $0.2600 and $0.2580.

Ripple Price Analysis

After a sharp decline below the $0.2600 support, ripple recovered from the $0.2521 low against the US Dollar. XRP/USD corrected above the $0.2600 and $0.2620 resistance levels.

However, the price faced a strong resistance near the $0.2660 level and the 100 hourly simple moving average. There was no close above the 100 hourly SMA, resulting in a fresh bearish reaction.

The price broke the $0.2620 support level. Moreover, ripple decline below the 23.6% Fib retracement level of the upward move from the $0.2521 low to $0.2660 high. It has opened the doors for more losses below the $0.2600 support.

An immediate support is near the $0.2580 level and a connecting bullish trend line on the hourly chart of the XRP/USD pair. If there is a downside break below the trend line support, the price is likely to decline further below the $0.2570 support.

The next major support is near the $0.2520 level, below which the price may even break $0.2500. Any further losses might lead ripple towards the $0.2450 support area.

On the upside, there are many hurdles near the $0.2660 level and the 100 hourly SMA. Additionally, there is a major bearish trend line forming with resistance near $0.2645 on the same chart.

Therefore, a clear break above the $0.2660 resistance and the 100 hourly SMA is needed for a decent upward move. The next resistance is near $0.2685, above which the price is likely to climb towards the $0.2750 resistance area in the near term.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.2700 and $0.2660 levels. On the downside, the $0.2520 and $0.2500 support levels are very important. Any further declines could its accelerate decline and the price may even struggle to hold $0.2450.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, but showing a few correction signs.

Major Support Levels – $0.2600, $0.2580 and $0.2520.

Major Resistance Levels – $0.2660, $0.2685 and $0.2720.

Aayush Jindal , 2019-11-18 04:30:17

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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