2018-11-23 18:19 |
After numerous tests of the key $0.4 support level, Ripple’s XRP briefly dropped below it. A brief drop in the price of the largest altcoin by market cap brought the price down to a value of around $0.39 but quickly retraced back above the key support at $0.4.
Numerous tests of a level result in the progressive weakening of the level. While the first few times XRP approached $0.4 it quickly bounced, more recently it has been trading closer to the level and staying for longer. XRP continues to trade close to $0.4, and another drop below is likely.
Recent trading in XRP has been volatile with the price fluctuating between $0.4 and $0.5 on Wednesday. Momentum has been more on the side of sellers with both the MACD and RSI decreasing.
XRP Daily Chart – Source: Tradingview.comThe hourly chart provides a closer look at XRP’s drop below the $0.4 support. Price quickly retraced back above to form a lower high of $0.415. It has since retested the $0.4 level but has yet failed to break back below. In the event of a rise from here, some resistance is likely to come in to play at the 50 EMA around $0.42.
XRP Hourly Chart – Source: Tradingview.comThe movements of the market leader Bitcoin have an important impact on the movements of altcoins including XRP. With Bitcoin currently trading close to the important $4000 level, a drop below this point would likely result in a sharp sell-off across the market. Traders in XRP should also closely monitor the price action of Bitcoin as it trades close to an important level.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: XRP briefly drops below support at $0.4 after numerous tests. Price action currently trades close to this level and may return below. In the event of a rise, resistance is likely to come in to play around the hourly 50 EMA at $0.42. Traders in XRP are advised to also monitor closely the movements of market leader Bitcoin which trades close to the important $4000 level. A move below this level would likely result in a sharp sell-off across altcoins. 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 Drops Below Key Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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