Currently, the market has a green board in almost all of its cryptocurrencies with a Bitcoin dominating the scene by 67.2% as it experiences growth in its price, pushing the rest of the altcoins to perform similarly.
One of them is XRP token of the Ripple company. It has grown in the last 24 hours by + 1.18%, trading at $ 0.294366 USD to hold firm in the third box with $ 7.1 billion market cap away from Ethereum.
Our last analysis on Bitcoin dominance has been playing out exactly as predicted. It has found temporary support at the 69.5% mark, but we see that as a short lived stop, before plunging to new lows.
The above signals that altcoins like XRP are already taking advantage of the trend to initiate a break above the psychological mark of $ 0.30 USD. The struggle for a sustained price trend was seen in oscillation near $ 0.2940 and $ 0.2950 levels. Resistance seen near $ 0.2945 on the XRP / USD pair has managed to break in the last hours. However, it saw a slight downward trend after the pullback originated on November 4 at 16:00 p.m. UTC.
The token has a key resistance for breaking into the $ 0.3000 levels, which has been quite unsuccessfully for the past few weeks. XRP began with a downward movement below the $ 0.3000 area, moving for a short time to the bearish zone. EMA 100 hours showed a close below that level at $ 0.29383.
During the month of November, it has moved on average below the $ 0.2950 zone, and after touching the primary support levels on sunday, it managed to reverse the trend but without success to break the key resistance @ $ 0.30000.
Currently after the pullback, an important downtrend line is formed. The resistance is seen near $ 0.2945 on the XRP / USD hourly chart. The trend line coincides with the Fibonacci retracement level with a decrease from highest to lowest from $ 0.2981 to $ 0.2889.
If the bulls take over, an upside break is required beyond the $ 0.2950 zone. And, XRP could recover and trade near the $ 0.3000 resistance level. The next big resistance is seen at the $ 0.3050 and $ 0.3060 levels.
Primary support is seen in the area of $ 0.2900. Major support is seen at the $ 0.2851 level. If there were a daily close below $ 0.2880, then the price could move towards $ 0.2850 and $ 0.2840 in the short term.
Given the expectations of positive news from regulators towards Ripple, there is a possibility for a further increase beyond the $ 0.2950 area to shift the price of the token to key resistance levels @ $ 0.3000.
— Ripple (@Ripple) November 1, 2019
In that sense, MACD for the XRP / USD pair is returning to the bullish area. The main support levels are seen at $ 0.2900, $ 0.2880 and $ 0.2850; and, the major resistance levels are seen at $ 0.2950, $ 0.2980 and $ 0.3000 respectively.