Ripple has seen a small decrease of 1.21% over the past 24 hours but it has managed to remain above the $0.42 support level as it currently trades around a price of $0.43. Ripple had recently broken higher toward the upside but had failed to make ground above the $0.46 resistance level which caused it to drop to $0.43. This is despite the seemingly major announcement that Ripple recently entered into a strategic partnership with major money transfer giant MoneyGram.
Ripple has now seen an 8.36% price rise over the past 7 days with a further 35% price increase over the past 3 months. The cryptocurrency is currently the 3rd largest cryptocurrency, holding a market cap of around $18.33 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our last XRP/USD analysis, we can see that Ripple broke above the previous short term symmetrical triangle pattern (on the 4HR Chart) and continued to climb higher. However, XRP was unable to overcome resistance at $0.46 and has since fallen to $0.43.
- From above: The nearest level of resistance now lies at $0.4375 followed by the strong resistance at $0.46. The resistance at $0.46 is particularly strong and had caused problems for the bulls during May 2019. Above $0.46, the next level of resistance lies at $0.48 and $0.50. Above $0.50, further resistance is located at $0.508, $0.52, $0.5375, and $0.55.
- From below: The nearest level of support now lies at $0.42. Beneath this, we can expect support at the 2-month-old established rising trend line. Below the trend line, further support lies at $0.40, $0.39, and $0.3790. If the selling continues further then more support is located at $0.36, $0.3550, and $0.35.
- The trading volume has remained pretty high during June 2019 and remains above average.
- The Stochastic RSI has recently reached overbought conditions which could suggest the market may be a little overbought.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can see that XRP is really struggling to make any movement above the 5000 SAT level. Ripple is currently trading at 4717 SAT as it rests at support provided by the lower boundary of an acute symmetrical triangle.
- From above: The nearest level of resistance lies at 5000 SAT. Above this, we can expect resistance at 5100 SAT and then at the upper boundary of the triangle. If the buying continues above the triangle, further resistance lies at 5300 SAT, 5570 SAT, 6000 SAT, and 6200 SAT.
- From below: The nearest level of support now lies at the lower boundary of the triangle. If the selling breaks below the triangle, support then lies at 4500 SAT, 4352 SAT, 4200 SAT, and 4000 SAT.
- The Stochastic RSI has recently produced a crossover above signal which shows that the bulls may be ready to take over the market momentum pretty soon.