The cryptocurrency XRP has seen another 1.82% price increase over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $0.02826 bringing the total 7 day price decrease up to negative 1.55%.
Tipple, the cryptocurrency founded by Ripple Labs, is a cryptocurrency within the industry that is built and designed for an enterprise use case. It offers banks and payment providers a reliable and on-demand option for cross-border payments allowing enterprises to reduce their fees by adopting the cryptocurrency.
The debate continues as to how decentralised Ripple is as the number of Ripple run nodes continues to fall below the 50% of the total network handle. This drop in the number of RIpple run nodes does indicate that the decentralisation process has begun but at which level is the cryptocurrency actually decentralised?
Ripple has continued to retain its number 3 trading rank in terms of overall market cap across the entire industry. It currently has a total market cap value of $11.25 billion after suffering a 47% price drop over the past 90 trading days. The 61 month old coin is currently trading a price level that is 92% lower than its all time high price.
Let us continue to analyse price action over the medium term and update our expect support and resistance areas.
Price Analysis
XRP/USD – MEDIUM TERM – DAILY CHART
Analysing price action fro the medium perspective above the we can see that the market has dropped through our previously expected support level of $0.42 highlighted during July 2018.
We can see that price action has dropped significantly throughout August 2018 falling as low as $0.24. We can see that the market had met significant support at a downside 1.618 Fibonacci Extension level priced at $0.2479 where price action rebounded significantly. This level of support within the market was also bolstered further by a longer termed downside 1.272 FIbonacci EXtension priced exactly at the same price level.
Price action has recently returned to this support around $0.24 during September 2018. We can see that, more specifically, the market has been continued to be supported by a downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.26696. The market has been range bound for the past two weeks trapped between $0.306321 as the upper boundary of the range and the $0.24799 handle as the lower boundary of the range.
If the bulls can continue to pressure the racket upward then we expect immediate resistance to be expected at the upper boundary of the range priced at $0.3063. If price action penetrate above the trading we expect immediate further singicnaft resistance to be located at the downside 1.414 Fibonacci Extension level (drawn in blue) priced at $0.3596. If price action continue even higher then further significant resistance can then be expected at the long term .886 Fibonacci Retracement handle priced at $0.40. This area of resistance will require significant momentum to overcome due to the 100 day moving average floating closely within this price range.
Alternatively, any bearish price action is expected to be initially supported by the downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.2669, followed by the lower boundary of the range priced at $0.24799.
It appears that the market may have actually formed a technical pattern known as a double bottom as we can see that price action has now bounced at the lower boundary of the trading range twice over the past two trading months. If the bullish price action continues this would be confirmed as a double bottom.
The technical indicators within the market are currently printing neutral readings as the RSI trades at the 50 handle. However, the recent rise of the RSI from trading in oversold conditions to trading at the 50 handle may indicate that the previous bearish momentum that was in the market has shown signs of failure and is fading. If the RSI can continue and break above the 50 handle then we can expect the bullish pressure to continue within the market.
Let us continue to analyse price action over the shorter time frame to highlight any short term support and resistance levels.
XRP/USD – SHORT TERM – 4HR CHART
Analysing price action from the short term time frame above, we can see that price action had experienced a bullish price run when the market started fro a low of $0.2443 on the 14th of August and extended to a high price of $0.377377. This was a price increase totalling 54% from low to high.
After placing the high, price action rolled over and found support initially at the short ter .5 Fibonacci Retracement level priced at $0.3109. This Fibonacci Retracement is measured from the bullish run outlined above.
The bearish pressure continued to push price action further lower until support was found near the short term .886 Fibonacci Retracement priced at $0.2594. We can see that the market has rebounded from this area and began to rally.
If the bullish price action can continue to push the market above the recent high of $0.377377 then we expect immediate near term resistance to be located at the short term .618 FIbonacci Retracement level priced at $0.2952. We can see that this are of resistance is further bolstered by a 1.272 Fibonacci EXtension level priced in the same area. Further resistance higher can then be expected at the .5 and .382 Fibonacci Retracement level priced at $0.3109 and $0.3267, respectively.
Alternatively, any bearish pressure is expected to be initially absorbed at the .786 Fibonacci Retracement level priced at $0.2727 followed by the .886 Fibonacci Retracement level priced at $0.2594.
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