Following 40% Yearly Drop, Ripple Price Continues Its Way Lower: XRP Price Analysis
The trouble continues for Ripple after the market drops by a further 8% over the previous week, bringing the current price for the coin down to around $0.3240, while against Bitcoin the situation is worse.
While other major altcoins such as EOS, Bitcoin Cash, Litecoin and Binance Coin surging by over 100% during the past 90 days, Ripple has struggled significantly to gain momentum and it has been almost break-even over that time.
Ripple remains ranked in thrid place in the on the top cryptocurrencies by market-cap as it holds a $13.56 billion market cap.
Looking at the XRP/USD 1-Day Chart:
- Against the Dollar, Ripple has continued to drop even more, beneath the previous analysis’ ascending price channel. However, the market has formed a new rising trend line which is parallel to the previous price channel creating new support areas for Ripple.
- From above: The nearest level of resistance lies at the lower boundary of the previous price channel. Above this, further resistance is located at $0.34, $0.35 and $0.3613. Further resistance lies at $0.3815 and then the upper boundary of the price channel.
- From below: The new rising support line is the nearest support, further support lies at $0.31 and $0.30. Beneath the key-level of $0.30, support lies at $0.2890 and $0.2811.
- The Stochastic RSI is poised for a crossover above (at the oversold area) which is a sign for a correction that might be approaching. If the RSI can rise above the 50 levels, we can expect the bulls to regain control of the momentum and push XRP/USD higher.
- The trading volume, however, has continued to decrease and has reached average levels for the year. This could be a sign that the bears have slowed down their pace of selling.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, Ripple has struggled throughout 2019: The market has been consistently dropping since December 25,2018, when XRP recorded a price of 10700 SAT (approximately 40% decrease), and has recently found support at 6321 SAT where lies a short term downside 1.272 Fibonacci extension level.
- From above: The nearest level of resistance lies at 6548 SAT, and 7000 SAT. Above 7000 SAT, further resistance lies at 7200 SAT and 7600 SAT.
- From below: Support beneath 6321 SAT lies at 6211 SAT which is the August 2018 high. Beneath this, more support lies between 6010 SAT and 6000 SAT.
- The RSI remains in the bearish territory, while the trading volume has been decreasing across the largest cryptocurrency exchanges.
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