Ripple Price Analysis: XRP/USD Triangle Break to Confirm Upside Momentum

Ripple continues to trade inside its longer-term ascending channel but has formed lower highs and higher lows to consolidate in a symmetrical triangle. Price is hovering around the resistance and a break higher could confirm the bullish momentum.


The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, resistance is more likely to break than to hold. The moving averages are also close to the bottom of the triangle to add to its strength as support in another dip.

An upside break from the triangle could spur a rally that’s the same height as the formation, which spans .4500 to around .7500. Ripple could encounter near-term resistance at the mid-channel area of interest at .6000 and the channel top at .7500.

Stochastic is already indicating overbought conditions and is starting to turn lower to suggest a return in selling pressure. This could lead to another dip to the channel bottom or triangle support before more buyers rush in.

XRP/USD Chart - TradingView

Ripple has been one of the more resilient cryptocurrencies after the latest market slide, even overtaking Ethereum in the rankings based on total market cap. Positive developments for Ripple keep XRP supported as traders continue to look forward to the xRapid platform serving big financial institutions and leading to strong volumes down the line.

Still, there’s a lot of uncertainty hanging over the markets this week as the Bitcoin Cash hard fork “mining war” continues. Many are worried that similar issues could arise for other altcoins in the future, weighing heavily on their values as the community fails to reach a consensus as well.

For now, the “flippening” continues to be the main buzz for Ripple on social media and some are predicting that it might even overtake bitcoin at some point.


Images courtesy of TradingView

Tags: , ,

Crypto Weekly Byte: Selling Likely to Continue in the Market with Bitcoin Eyeing $5,200

Last week, was horrific for the overall market as for the first time Bitcoin breached the crucial $5,500 level in 2018, marking the return of fresh bear phase in the market after two months of stable price movements. Ethereum also gave way to Ripple to become the second largest coin in terms of market cap and now the gap is nearing $4 billion.

The rout in this market is caused by the hard fork of the Bitcoin Cash Network which split the network into two factions, Bitcoin Cash ABC (the original client) and Bitcoin Cash SV ( the Craig Writh’s faction). There was a lot of uncertainty in the market relating to the hard fork, the exchanges also suspended trading in the BCH counter before hard fork due to extreme volatility and prevent price manipulation.

The market cap of the crypto market is now hovering around the $178 billion mark, lowest in 2018 and most of the cryptocurrencies are trading in the red zone with no sight of a positive pullback in the near term.

Bitcoin

The market which was showing signs of recovery from the year-long selling pressure is now witnessing a fresh wave of selling pressure. Bitcoin has broken below the crucial support of $6,200 level and has breached the $5,500 level in last week, diminishing the hopes of a year-end rally. BTC prices are hovering just around the $5,300 level and continuing to trade with a bearish sentiment.

The market still continues to witness a lot of selling pressure, with 50 Day EMA placed around the $5,600 level is offering strong resistance. With bulls running out of the market due to recent carnage, BTC is likely to test the $5,200 for support which extends down to the $5,000 level.

Ethereum

Last week for Ethreum was one of the worst, as it slipped to the third spot in the market cap rank, giving way to the Ripple and the gap has widened to close to $4 billion mark.

Ethereum is now trading just above the $150 level, a good decline of 25 percent from the week ago levels. There is a minor support at the $148 level and if it breaches, then it will open the door towards the $100 level.

For miners also, mining Ethereum has turned unprofitable with rising energy cost and severe bearish phase in the market.

Bitcoin Cash ABC

The uncertainty in the Bitcoin Cash network guided the market to fall significantly but even after three days of the fork, the market continues to look uncertain. Bitcoin Cash ABC faction continues to get a lot of support from the market players and is currently trading at $256.

The 50 Day EMA continues to look extremely resistive and until the market stabilizes, it will be difficult for us to make any analysis of the coin. Hash rates are purely in play in the market and is currently favouring the Bitcoin Cash ABC.

Ripple

Ripple has now become the second largest cryptocurrency by market cap and is comfortably well above the Ethereum.

Ripple had managed to restrict its downslide and has recovered significantly. Now the market looks to consolidate between the $0.52 to $0.458 range and could witness buyers coming back into the market from the lower range. If the market succeeds to break above the 50 Day EMA line, then it could reach towards the $0.52 level easily.

Join the Discussion on Telegram

Share with your friends

Cryptocurrency Markets Consolidate Near 2018 Low

Cryptocurrency Markets Consolidate Near 2018 Low

Market Updates

The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.

Also Read: Crypto Exchange-Traded Product Live on Swiss Stock Exchange Next Week

Fork Drives New All-Time Price Lows for BCH

In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowBCH/USD – Bitstamp – 1HR

In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowBCH/USD – Bitstamp – 1D

When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowBCH/BTC – Bitstamp – 1D

Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.

BTC Consolidates Below $6,000

Markets Update: Bitcoin Markets Consolidate Near 2018 LowLooking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours.

24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowBTC/USD – Bitfinex – 1HR

On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion.

Ripple Boasts Largest Altcoin Market Cap

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion.

When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP/USD – Bitfinex – 1HR

When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowXRP/BTC – Bitfinex – 1HR

ETH/BTC Sees Low Volatility

Markets Update: Bitcoin Markets Consolidate Near 2018 LowWhen measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range.

As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowETH/BTC – Bitfinex – 1D

When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185.

Markets Update: Bitcoin Markets Consolidate Near 2018 LowETH/USD – Bitfinex – 1D

Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion.

Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below!


Image courtesy of Shutterstock, Tradingview


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.