Ripple has seen a further -2.35% price decline over the past 24 hours of trading. The market is now presently trading at a price around $0.3614 after undergoing a further decline totalling -10.98% over the previous 7 trading day period.
- Ripple has remained steady at strong support at the $0.3596 handle.
- Price action has remained supported at this level for the past 8 trading sessions, increasing its validity.
- Support moving forward; $0.3596, $0.3249, $0.30, $0.2669, $0.2468.
- Resistance moving forward; $0.3775, $0.4022, $0.4242, $0.4659, $0.50, $0.5280, $0.5901, $0.60, $0.6852
Ripple is ranked in 2nd position in market cap rankings with a total market cap value of $14.57 billion. The 64 month old project has seen a rough 30 day trading period where price action has dropped by almost 20%. However, it is important to consider that, relative to the rest of the entire cryptocurrency market, this has been a pretty muted price decline as the majority of other cryptocurrencies have lost a significant higher amount during November 2018.
Ripple is now trading at a price that is 90% lower than the all time high value.
Let us continue to analyse price action for XRP over the short term and highlight any potential support and resistance areas moving forward.
Ripple Price Analysis
XRP/USD – SHORT TERM – DAILY CHART
Analysing the market from the past 3 months presented above, we can see that the market has dropped during November 2018 but has found a form of solid support at a long term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.3596. Price action has managed to remain supported by this area over the past 8 trading days, preventing the Ripple market from dipping further below.
Looking ahead, if the market succumbs to the bearish pressure and price action dips below the support at $0.35 we can expect immediate further support below to be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.3249. This Fibonacci Retracement level is measured from the market surge seen during September 2018 when Ripple had announced a partnership with a major banking corporation.
If the selling pressure continues to drive price action even further lower then more support below can be expected at the psychological round number handle at $0.30 followed by further support at the downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.2669. If the market penetrated below here then more support can then be expected at the long term downside 1.272 FIbonacci Extension level (Drawn in red) priced at $0.2468.
Alternatively, on the bullish scenario, if the market begins to climb from the strong support at $0.35 we can expect initial resistance above to be located at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.37 followed by the previous downside 1.272 Fibonacci Extension level (drawn in blue) priced at $0.4242.
If the buyers can continue to press higher then more resistance above can then be expected at the .618 and .5 Fibonacci Retracement levels priced at $0.4659 and $0.5280 respectively.
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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.