2018-11-21 19:19 |
While Ripple’s XRP has been outperforming during most of the bearish movements seen over the past week, its recent price action has been more volatile. The price of XRP has tested support around $0.4 numerous times but has sharply bounced each time.
With price action continuing to this level, there is a greater possibility that it could drop below going forward. Each return to the level progressively decreases the buying support each time.
Price has been volatile over the past day and also underwent a brief spike up to $0.5. $0.5 is around the point where the daily 200 EMA is trading and is likely to be meeting strong resistance at this level. The price is currently trading around $0.44.
Bitcoin Daily Chart – Source: Tradingview.comOn the short-term hourly chart, the price may experience some resistance at the hourly 50 EMA which resulted in price reversing the last time it approached this moving average. The first few times price approached the $0.4 level, it quickly bounced, but recent price action has been spending more time trading close to the level. This shows that traders are more comfortable with XRP trading at lower valuations and increases the likelihood of a drop occurring below $0.4 going forward.
XRP Hourly Chart – Source: Tradingview.comThe overall market has been bouncing from yesterday’s lows which could be corresponding to the steady increase being seen in XRP. The market leader Bitcoin formed a 2018 low yesterday just below $4200 but has since risen to $4400.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: XRP has been undergoing volatile movements over the past 24 hours which has seen it drop to $0.4 and briefly spike to $0.5. Resistance likely being experienced near $0.5 with the 200 EMA trading at this point. XRP has been rising recently corresponding with market increases but is likely to experience some resistance at the hourly 50 EMA. 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 Sees Volatile Price Action As Market Bounces was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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