2018-9-24 18:18 |
XRP was one of the best performing cryptocurrencies last week. An announcement from Ripple that RippleNet was operating in forty countries across six continents was the catalyst for a surge in price which saw XRP go from $0.27 to highs near $0.80, a near 200% gain.
Price is retracing today but on low volume which shows that sentiment may still be positive from investors and traders. Price has stopped its drop as it approached the 200 EMA and has had a small bounce back up. Prices are dropping across the market today with many altcoins recording double-digit depreciation. The technical analysis for XRP is setting up to be one of the most bullish for altcoins. The MACD has hugely diverged from the centerline to the upside showing strong momentum on the side of buyers. The drop is on low volume, and the price is trading above the major 50, 100, and 200 EMA’s.
XRP Daily Chart – Source: Tradingview.comThe short-term timeframe has more bearish technicals after the recent drop we have seen. Price traded around $0.56 for a prolonged period of time after its drop and is now trading around $0.53 after a further drop. Price has found some support at the hourly 100 EMA. The RSI is starting to form higher highs and higher lows which shows buyers may be starting to reenter the market.
However, the MACD is still diverging to the downside showing the short-term momentum is to the downside. Although the short-term timeframe records a more bearish analysis, the outlook is more bullish given the longer-term timeframe. However, it is important for traders and investors to monitor Bitcoin as altcoins tend to follow the market leaders movements mostly.
XRP Hourly Chart – Source: Tradingview.com Key Takeaways: XRP retraces after an almost 200% gain last week. The drop is on low volume, and the longer-time frame analysis is bullish showing XRP could be soon recording appreciations. Important to monitor Bitcoin as most altcoins follow the market leader. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.XRP Retraces After 200% Gain was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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