Ripple Price Analysis: XRP/USD Uptrend Intact For This Reason

2018-11-8 06:43

Ripple price rallied this week and broke key resistances at $0.4750 and $0.4950 against the US Dollar. XRP/USD remains well bid on the downside around $0.5000.

Key Talking Points

Ripple price traded above the $0.5650 level recently before correcting lower against the US Dollar. XRP/USD is about to settle below a triangle support at $0.5290 on the 2-hours chart (Data feed via Bitstamp). XRP price is likely to extend the current correction towards the $0.5060 or $0.4920 support. Ripple Price Forecast

This week, there was a solid bullish wave from the $0.4600 swing low in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.4750 and $0.4950 resistance levels.

Looking at the chart, the price gained momentum above the $0.5000 level and the 100 simple moving average (2-hours). Buyers took control and pushed the price above the $0.5200 and $0.5500 levels. A new monthly high was formed at $0.5655 before sellers appeared.

Later, the price started a downside correction and traded below the $0.5450 level and the 23.6% Fib retracement level of the last leg from the $0.4470 low to $0.5655 high. More importantly, the price traded in a contracting triangle for a few hours and it recently declined below the $0.5350 support.

Besides, the pair is about to settle below a triangle support at $0.5290 on the same chart. If there is a 2-hour close below $0.4290, the price may perhaps decline further towards the $0.5060 support.

The $0.5060 is a decent support since it is the 50% Fib retracement level of the last leg from the $0.4470 low to $0.5655 high. Below $0.5060, the next major support is near the $0.4750 level, which acted as a resistance on many occasions earlier and now it coincides with the 100 simple moving average (2-hours).

Therefore, dips from the current levels in ripple price remains well supported near the $0.5060 or $0.4750 levels. The overall market sentiment is positive and buyers are likely to take control again once the current correction is complete below $0.5200.

The market data is provided by TradingView.

The post Ripple Price Analysis: XRP/USD Uptrend Intact For This Reason appeared first on Ethereum World News.

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Ripple (XRP) на Currencies.ru

$ 0.5173 (+0.92%)
Объем 24H $849.75m
Изменеия 24h: 0.82 %, 7d: 1.74 %
Cегодня L: $0.5077 - H: $0.5177
Капитализация $28.598b Rank 7
Цена в час новости $ 0.5023 (2.99%)

xrp usd price ripple key against dollar

Источник: ethereumworldnews.com

xrp usd → Результатов: 126


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