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Ripple has seen a small increase of 3.74% in the last 24 trading hours, with cryptocurrency warming to $ 0.40, bringing the current price of the coin to about $ 0.3920. Ripple has now risen 21% over the last 30 trading days after a long period of stagnant trade in 2019.
Ripple ranks third in major cryptocurrency projects in terms of market capitalization as it currently has a strong market capitalization of $ 16.48 billion.
Source: CoinCheckup
The Ripple cryptocurrency has fought a lot against Bitcoin, as shown in the graph below;
Cryptocurrency began the year at a high of about $ 9,500, but continued to decline throughout the year to reach a minimum of about $ 4,000. However, we can see that by mid-May 2019, the XRP / BTC market had rebounded slightly, which had allowed XRP / USD to exit its period of lateral stagnation. XRP / BTC now enjoys significant downside support for the 4731 SAT and 4475 SAT.
Let's continue to look at the XRP / USD market and highlight some potential areas of support and resilience in the future.
XRP / USD – MEDIUM TERM – JOURNAL TABLE
What happened?
Looking at the XRP / USD market above, we can see that after the XRP / BTC downturn from the low of 4000 SAT in mid-May, the XRP / USD continued to rise to meet the resistance at the level of 0.4617 USD. provided by a long term bearish level of .618 Fibonacci.
Since then, Ripple has fallen from this summit but has managed to maintain support around the 200-day moving average around $ 0.36. This level of support is further enhanced by the short-term level of .618 Fibonacci Retracement (drawn in blue) at a price of $ 0.3548.
Ripple has rebounded thanks to this support and is currently trading at the $ 0.3929 level while it is moving towards $ 0.40.
What is the current trend?
Ripple's current short-term trend is currently neutral until price action can break and close above the $ 0.46 level. If Ripple were to fall below $ 0.36 support, we could consider that Ripple's trend would then be bearish.
Where is the resistance above $ 0.4?
If the upward pressure continues to push the XRP / USD above the resistance at the $ 0.40 level, we can expect the resistance above $ 0.40 to be at the short-term 1,272 and 1,414 Fibonacci Extension (pulled in green) at $ 0.4235 and $ 0.4376, respectively.
Above this, one can expect additional long-term downside resistance .618 Fibonacci REtracement (in red) at a price of $ 0.4617. The price action could not close above this resistance in April 2019 and is expected to provide strong resistance in the future. This long term bearish level of Fibonacci REtracement is measured from the high of November 2018 to the low of December 2018.
If buyers can stay above US $ 0.4617, it will be necessary to expect even higher resistance at US $ 0.48 and US $ 0.50. If bulls continue above $ 0.50, additional resistance will be found at bearish Fibonacci retracement levels of 0.786 and 0.886 (drawn in red) at $ 0.5098 and $ 0.5384.
What if sellers pushed the market down?
Alternatively, if sellers regroup and push the market down again, we can expect immediate badistance to be in the short term. moving average).
If sellers stay below the 200-day moving average, the support below is $ 0.35, $ 0.34 and $ 0.32.
What do the technical indicators show?
The RSI has recently rebounded after the 50 level, which is a promising sign for bulls as they suggest that they are still controlling the market. If the RSI can go higher than the 50 level, we can expect the XRP / USD to continue to exceed $ 0.40.
The recent 21% price hike over the last 30 days has allowed ripple heating to reach the USD 0.4 level and to travel much higher. If rises rise above $ 0.4, the next significant level of resistance is located at the peak of April 2019 at about $ 0.46.
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