Ripple has seen a price increase totalling 2.60% over the past 24 hours of trading, bringing the current trading price up to $0.3177, at the time of writing. The market has now lost a small 5% over the past 30 trading days but has lost a significant 39% over the previous 90 trading days.
Ripple is ranked in 3rd position as it currently holds a $12.77 billion market cap value. The 66 month old project now trades at a value that is 91% lower than the all time high price. The volume for the market remains steady but is slowly increasing.
XRP/USD – 1 Day CHART – MEDIUM TERM
Looking at the daily chart above for XRP/USD, we can see that price action has broken out of the symmetrical triangle consolidation pattern previously highlighted in our last analysis.
After breaking above the triangle, the market went on to surge into resistance at the $0.3257 level before the bullish momentum stalled. Price action has since dropped slightly lower and is now trading at resistance provided by the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185
The recent break above the triangle will make this market bullish in the short term. For the bullish trend to continue, we would need to see the market break above the $0.333 level to create a fresh high for February 2019.
Looking ahead, if the bulls can break above the current resistance at $0.3185 and continue above the $0.32 handle, we can expect higher resistance to be located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in orange) priced at $0.3284 and $0.3325, respectively.
If the bull continue to drive price action further higher, we can then expect even more resistance above to be located at the short term 1.618 Fibonacci Extension level (drawn in orange) priced at $0.3385. This is followed with more resistance at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449.
Further higher resistance above $0.35 can then be expected at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.3635 and $0.3821, respectively.
Alternatively, if the sellers regroup and begin to push price action lower, we can expect support below to initially be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028.
If the sellers continue to push the market below the $0.30 handle, we can then expect further support beneath to be located at the $0.2927 level followed with more support at the previous medium termed downside 1.414 Fibonacci Extension level (Drawn in lilac) priced at $0.2858.
The RSI has recently penetrated above the 50 handle which indicates that the bulls have recently taken over the momentum within the market. If the RSI can continue to remain above 50 and rise further higher, we can expect XRP/USD to continue to make gains.
