Ripple has seen another significant 19% price increase over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $0.050, at the time of writing, after XRP saw a 67% price increase over the past 7 trading days.
- Ripple continues to grab investors attention as it surges a further 19% today.
- Ripple had increased a total of 180% from the 18th to the 21st of September 2018, before retracing.
- Support Level Moving Forward; $0.42, $0.40, $0.37, $0.2669.
- Resistance Levels Moving Forward; $0.60, $0.6803, $0.7278, $0.7582, $0.7960, $0.95.
Ripple is closing in on the number 2 ranked position in terms of overall market cap across the entire industry once again. It currently sits at 3rd ranking with a total market cap value of $21.51 billion. They are currently only $1 billion behind Ethereum in terms of market cap value to claim the 2nd position. Despite the rapid spikes seen recently, the 62-month-old coin is still trading at a value that is 85% lower than its all-time high price.
Let us continue to analyze for Ripple Price over the medium term and highlight any potential support and resistance areas.
Ripple Price Analysis
XRP/USD – MEDIUM TERM – DAILY CHART
Analysing the market from the medium-term perspective above, we can see that the market had been falling for the previous four months straight. We can see that in August 2018, the market had found some form of support at a downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.2669. We can see that this area of support held the market up during August and September 2018. It is also the same level of support that price action had recently rallied from.
The recent rally seen over the past few days saw the Ripple market rise from a low of $0.2706 on the 18th of September 2018 and extend to a spike high of $0.7931 on the 21st of September 2018. This was an epic price increase of over 180% from low to high.
We can see that as the market spiked up into the high, it had met resistance at a short-term 1.618 Fibonacci Extension level (drawn in green) priced at $0.7960 where it rolled over and reversed.
Ripple Price action has seen another rally today, if the bullish pressure can continue, we can expect immediate resistance at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in green) priced at $0.68 and $0.72, respectively. If the bullish pressure continues further then more resistance can then be found at the long term .786 Fibonacci Retracement level priced at $0.7548 followed by the 1.618 Fibonacci Extension level priced at $0.79.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Reach out to him at [email protected]