2018-11-26 18:21 |
Ripple’s XRP has largely outperformed Ether during these market downturns resulting in it becoming largest altcoin by market cap. After testing support at $0.4 on multiple occasion, XRP broke below it over the weekend and formed a low of around $0.31 yesterday.
Price has since recovered to $0.35, but momentum is still largely on the side of the sellers. Both the RSI and MACD are decreasing indicative of the increasing seller momentum.
Yesterday’s daily candle formed a Doji in XRP. A Doji is where the open is around the same point as the close and can have long wicks. It typically shows some indecision in the markets. Today’s candle is recording bearish movement as price decreased from opening around $0.37 to trading near $0.35 currently. There are mixed performances across the rest of the cryptocurrency market.
XRP Daily Chart – Source: Tradingview.comOverall, XRP’s price action is exhibiting bearish patterns. Price action is struggling to appreciate despite other altcoins increasing over the past 24 hours. However, drops have been sharp and on significant volume.
The increase from yesterdays lows seems to have met resistance at the hourly 50 EMA. Price has been dropping more sharply over the past few hours and is likely to continue this drop. The next significant support level is the $0.3 point which is likely to be a significant point for traders.
XRP Hourly Chart – Source: Tradingview.com Key Takeaways: After multiple tests, XRP falls below $0.4 support and forms a low around $0.31. Next likely support level will $0.30 with this being a significant point for traders. Price currently trades around $0.35, but momentum is on the side of sellers. Both the RSI and MACD are decreasing, and price action is currently dropping on significant volume. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ripple’s XRP Breaks Below Key Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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