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Ripple (XRP) Price Uptrend Intact For This Reason

  • Ripple price is trading above a couple of important supports near $0.2200 against the US dollar.
  • The price is facing a major hurdle near the $0.2280 and $0.2350 resistance levels.
  • Yesterday’s highlighted major ascending channel is intact with support near $0.2230 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The bulls are likely to remain in action unless the price breaks the $0.2200 support area.

Ripple price is showing a lot of positive signs against the US Dollar, and bitcoin is above $7,500. XRP price could continue to rise towards $0.2420 unless it breaks $0.2200.

Ripple Price Analysis

Recently, there was a nice upward move in ripple above the $0.2150 and $0.2180 resistances against the US Dollar. Moreover, XRP price even settled above the $0.2200 resistance and the 100 hourly simple moving average.

It opened the doors for more gains above $0.2250 and the price tested the $0.2300 resistance area. A swing high was formed near the $0.2298 level and the price is currently correcting lower.

The price is now trading below the $0.2250 level. Besides, it broke the 23.6% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high.

However, ripple price is trading above the $0.2220 and $0.2230 support levels. On the downside, there are many supports near the $0.2200-$0.2210 area and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted major ascending channel is intact with support near $0.2230 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the recent rise from the $0.2128 low to $0.2298 high is near the $0.2210 level.

Therefore, a downside break below the $0.2210 and $0.2200 supports could push the price back into a bearish zone. The next major support is near the $0.2130, followed by the $0.2100 area.

On the upside, an initial hurdle is near the $0.2300 area. If the bulls gain momentum above the $0.2280 and $0.2300 levels, the price could test the $0.2350 resistance. Any further gains above the $0.2350 level may perhaps lift the price towards the $0.2420 resistance area.

Looking at the chart, ripple price is holding a few key supports near the $0.2200 area. As long as there is no close below $0.2200, the price is likely to accelerate above the $0.2300 resistance. Having said that, it might struggle to clear the $0.2350 resistance.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 50 level.

Major Support Levels – $0.2210, $0.2200 and $0.2180.

Major Resistance Levels – $0.2280, $0.2300 and $0.2350.

The post Ripple (XRP) Price Uptrend Intact For This Reason appeared first on NewsBTC.

NewsBTC , 2019-11-29 06:28:26 ,

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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.

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

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