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  • Ripple price is facing a strong resistance near the $0.2740 and $0.2760 levels against the US dollar.
  • The price is likely to continue lower unless there is a clear break above $0.2760.
  • This week’s significant bearish trend line is still active with resistance near $0.2735 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • In addition, Ethereum is still consolidating and seems to be preparing for an upside break.

Ripple price is trading below key resistances against the US Dollar and bitcoin. XRP price could extend its decline below $0.2700 and $0.2680 in the near term.

Ripple Price Analysis

This week, ripple remained in a downtrend below the $0.2850 pivot level against the US Dollar. Moreover, XRP/USD broke many key supports near $0.2780 and settled below the 100 hourly simple moving average.

The last decline gained pace below $0.2700 and the price traded to a new monthly low at $0.2668. Later, there was an upside correction above the $0.2700 level. However, the price faced a strong resistance near the $0.2760 level and the 100 hourly SMA.

A high was formed near $0.2763 and the price is currently declining. Ripple is trading below the $0.2720 level and testing the 50% Fib retracement level of the upward move from the $0.2668 low to $0.2763 high.

On the downside, an immediate support is near the $0.2700 level. Besides, the 61.8% Fib retracement level of the upward move from the $0.2668 low to $0.2763 high is also near the $0.2700 area.

If there is a downside break below the $0.2700 support, the price could revisit $0.2665. Any further losses may perhaps push ripple price below the $0.2600 area. The next key support area is near the $0.2540 level.

On the upside, the price is facing a strong resistance near the $0.2740 and $0.2760 levels. More importantly, this week’s significant bearish trend line is still active with resistance near $0.2735 on the hourly chart of the XRP/USD pair.

Therefore, a clear break above the trend line, $0.2760, and the 100 hourly SMA is needed for a decent recovery in the near term. The next major resistance is near the $0.2850 level.

Looking at the chart, ripple price is trading in a bearish zone below the $0.2760 resistance area. For that reason, there is a risk of more downsides below $0.2700 and $0.2600 unless the bulls manage to push the price back above $0.2760 and $0.2800.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and moving below the 50 level.

Major Support Levels – $0.2700, $0.2660 and $0.2600.

Major Resistance Levels – $0.2740, $0.2750 and $0.2760.

The post Ripple (XRP) Price Trading Near Make-or-Break Levels appeared first on NewsBTC.

NewsBTC , 2019-11-14 04:30:08 ,

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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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