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Ripple Price Technical Analysis XRP/USD 12/10/2018

Tabassum Naiz

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XRP Technical Analysis

The XRP / USD price ranged from last week’s technical analysis forecast (range between 0.42 and 0.60usd). The exception is yesterday, when a small correction of the Bitcoin price, XRP / USD price dropped to 0.39 USD. The S1-0.42 usd was broken down and transformed into a resistance area (R1 – 0.42 usd).

Part of this corrective move is due to the fact that many short-term speculators have decided to mark their profit and have sold somewhere in the range of 0.50-0.60 USD. Subsequently, this corrective move was transformed into a panic sale amid a drop in the Bitcoin price.

XRP/USD – lines of resistance :                                          XRP/USD – lines of support:

R1 –  0,45  usd                                                                                     S1 –  0,36 usd

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R2 –  0,60  usd                                                                                   S2 –  0.25 usd (bottom)

R3 –  1 usd (psychological)

bitstamp xrp usd Oct

What will happen on XRP / USD next week?

Do not forget that any massive increase in price is followed by a correction. A big increase will be followed by a big correction. It is normal to be so. The area at 0.42 usd has been transformed into a resistance area (R1 – 0.42 usd). For the next week, we have two possible scenarios:

1. The next area where the price can be stopped is the support from S1-0.36 USD. If the Bitcoin price drops to 6000 USD, XRP / USD price will drop to 0.36 USD. This area is likely to be crashed down on panic sales. However, we should not forget that XRP / USD came out of the bear market. In the long run, the 0.28-0.30 usd area will represent the next bottom zone (lower higher). It is quite unlikely that the price drops to the previous bottom zone from 0.25 usd.

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2. Still, soon Bitcoin will have a move up, which will mark the end of the bear period. Undoubtedly Bitcoin is preparing for a break up of the descending trend line.  This would mean an appreciation of the XRP / USD price. In this situation, the XRP / USD price could have a recovery and we could again reach the 0.50 -0.60 USD range.

  • Bitcoin
  • Ethereum
  • Xrp
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Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.