XRP/USD Ripple Price Prediction — Where is The Breakdown Point Out of The Consolidation Area?

Price Predictions
Sat, 04/27/2019 - 04:37
Denys Serhiichuk
Fortunately, Ripple has not followed today’s decline and could fix its yesterday positions. What are the reasons for that and how should we act?
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The overall market correction has not affected Ripple as other coins; its rate has even increased by around 0.5% over the last 24 hours. The next reasons could have stopped the possible decline.

The largest oil field development company in Thailand announced a partnership with Ripple to make cross-border payments. Besides, the Saudi British Bank (SABB) launched an instant cross-border transfer service powered by Ripple.

These 2 pieces of news detained the fall of XRP.
Let’s take a look at the technical analysis.

XRP/USD chart by TradingView

On the 1-hour chart, there is a Triangle pattern, which closes at the $0.2990 mark. Nevertheless, there is a probability of successful fixing above $0.3. In this case, a rebound upward is possible. If this does not happen, XRP will remain in the zone of decline for the resistance of $0.2920. However, experts do not predict that this situation will be long-term. Overall, Ripple has achieved good results so far, which is reflected in the XRP’s report for the first quarter.


XRP/USD chart by TradingView

If we look at the situation of XRP on the 4-hour timeframe from technical analysis, it should be noted that the new wave of decline has reached the support line of a long-term scale.

This situation may indicate a market willingness to further decline after testing, overcoming and consolidating below the area of ​​long-term support. It is worth mentioning that the quotes have accelerated the decline and trying to break through the support line of the current corridor. Such a breakdown will allow the price to fall to the support level of $0.26. That may occur if the psychological level at $0.28 is broken.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings