Ripple Price climbing above $0.66
Ripple Price climbing above $0.66
The upside momentum is muted, bulls need to take the coin back to $0.70.
Ripple crashed to $0.6500 handle late on Thursday amid global sell-off on cryptocurrency markets. XRP/USD recovered some ground during early Asian hours to trade at $0.6640 by the time of writing. The price is mostly unchanged from the start of the day, but 5% lower in a 24-hour span. The market value of the third largest reduces to $26B, while the average daily trading volumes diminished to $333M. Ripple is most actively traded at Bitbank exchange against JPY, according to CoinMarketCap statistics."Ripple Price climbing above $0.66"
While there is no clear fundamental trigger that might have caused the sell-off, many experts attribute the decline to the disappointment about Consensus conference. The event was fine and glorious just as promised, but it failed to boost crypto prices against the expectations.
Ripple's technical picture
Currently, Ripple is changing hands at $0.6640 handle, well below both 50, 100 and 200-SMA (hourly chart). The immediate support is created by $0.66 and followed by $0.65 (Thursday's low). Further down, $0.6310 (May 12 low) will come into focus. On the the upside, the key short-term resistance is created by $0.6823 (50-SMA) followed by pspsychological0.7000, strengthened by 100-SMA.
Ripple prices are making a trinagle pattern in the short term charts, that should excite bulls but before the bulls get excited they would do good to themselves to read the fine print of this trinagle formation - base of the triangle has a start that can't be trusted.'Ripple Price climbing above $0.66'
XRP/USD is currently down more than 4 percent on day at $0.676, almost near the low point of the day, which is at $0.6752. On the 240-minute chart, there's a triangle formation in the making which is a bullish sign, but here's a hitch. Starting point of the base of the triangle is formed by a candle when XRP saw sudden steep decline and then a sudden bounce, usually such candles are formed either by a fat finger or an algo gone wrong. Since institutional investors still not big time into the cryptos, chances of this being an algo trade seems slim and hence chances of this triangle resulting into a false triangle are on a higher side. Immediate strong resistance for now is at $0.71, around the upper line of the trinagle, while support is placed at $0.665.
Ripple Price climbing above $0.66
Reviewed by mir khaleq ali
on
04:44
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Reviewed by mir khaleq ali
on
04:44
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