XRP/USD Upside Surge and Correction December 2017
XRP/USD Upside Surge and Correction December 2017
Ripple price surged above the $1.00 level and traded as high as $1.24 against the US Dollar.
Ripple price surged above the $1.00 level and traded as high as $1.24 against the US Dollar.
There are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently correcting sharply lower and may soon test the $0.9500 and $0.9000 supports.
Ripple price after an upside surge above $1.20 against the US Dollar faced sellers, also versus Bitcoin. XRP/USD is moving down toward the $0.9000 support.
There was a solid rise in Ripple price above the $1.00 handle against the US Dollar. The price made a nice upside move and traded above the $1.10 and $1.20 resistance levels. It traded to a new all-time high at $1.2495 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high.
It seems like the current correction may extend toward the $0.9000 level. On the downside, there are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair. The trend lines support is also around the 50% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high. Therefore, the $0.9000 level is a major support and it will most likely prevent downside move in the near term. Below $0.9000, the price could extend declines toward the 61.8% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high at $0.8790.On the upside, the price may move back above $1.00. However, the next major resistances are at $1.20 and $1.25 in the short term.
XRP/USD Upside Surge and Correction December 2017
Reviewed by mir khaleq ali
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Reviewed by mir khaleq ali
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Is Ripple the New Bitcoin?
ReplyDeleteRipple’s value dove more than a quarter after Coinbase dismissed rumors that it would soon offer XRP trading.
Ripple, a new kind of payment system for banks rose an incredible 36,000% at the end of 2017. Ripple’s blockchain technology connects banks, payment providers and digital asset exchanges on its own ‘RippleNet’ network. Ripple offers an affordable and effortless experience to facilitate cross-border transactions for a wide range of different currencies and assets. XRP has raised tens of millions of dollars’ worth of investment which has made it popular in the eyes of big institutions like banks around the world. This 36,000% surge in growth generated rumours that the digi coin would be added to Coinbase, a digital currency exchange headquartered in San Francisco. However, the price of Ripple’s XRP token fell more than 25% after Coinbase announced that it would not offer the coin on its trading platform.
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