Ripple has seen a solid 24 hour trading period as the rest of the market sinks. It has seen an increase in price totaling 3.40% over the last 24 hours as the currency now trades at the $0.4736 handle, at the time of writing.
- Ripple has managed to weather the overall cryptocurrency storm.
- The project has recently taken over Ethereum to claim number 2 rankings.
- Support moving forward; $0.4702, $0.45, $0.4091, $0.3825, $0.3429, $0.30, $0.2478.
- Resistance moving forward; $0.50, $0.5317, $0.5933, $0.6378, $0.70, $0.7345, $0.7866, $0.8612
Ripple has succeeded in taking over Ripple in the number 2 ranked position in market cap rankings. It currently holds a $19.51 billion value market cap after the 63-month-old project sees a strong 90 day period as price action increased by over 32%
The market is now trading at a value that is 86% lower than the all-time high price.
Let us continue to analyze price action for Ripple over the short term and proceed to highlight any potential areas of support and resistance.
Ripple Price Analysis
Analyzingg price action from the short term perspective above we can see that ripple had found a strong form of support at a downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2478 during September 2018. The market used this position to remain above the $0.25 handle.
Toward the end of September, we had seen a meteoric rise when price action began at a low of $0.2528 and rose to a high of $0.7978. This was a total increase of over 210% from low to high.
We can see that price action has since retraced from this high and has continued to decline until dinding support at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3825. The market downturn rebounded from this level and started to rise to a high just above $0.50.
We can also see that price action was relatively unscathed during the market collapse yesterday. Price action dipped to support at a low of $0.4091 provided by the downside 1.272 Fibonacci Extension level (drawn in red) before bouncing and closing back above $0.47.
Moving forward, if the bulls progress to push price action higher within this market we can expect immediate resistance above to be located at the $0.50 handle followed by the .5 Fibonacci Retracement level (drawn in green) priced at $0.5317. Further resistance above this level can then be located at the .382 Fibonacci Retracement level priced at $0.5933.
If the buyers can persist to push market action above the resistance at $0.63. handle we can then expect higher resistance to be located at the 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.7345 and $0.7866 respectively. The last level of resistance above to highlight is the 1.618 Fibonacci Extension level (drawn in blue) priced at $0.8614.
On the other hand, if the sellers re-enter the market and push price action lower we can expect immediate support below to be located at the downside 1.272 Fibonacci Extension level (drawn in red) priced at $0.4091 followed by the .786 Fibonacci Retracement level (drawn in green) priced at $0.3825.
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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. Follow him at @TcmYaz.