When Will Ripple's XRP Break From Its Range?

Yesterday was a day of unusual trading activity for the cryptocurrency market. Many coins appreciated, and altcoins outperformed Bitcoin (Bitcoin has outperformed altcoins for most of 2018). Recent weekends have consisted of low volume trading with little movements in price. However, this weekend saw significant appreciation in a number of altcoins with Bitcoin Cash appreciating 20% over the course of 24 hours.

The third largest cryptocurrency by market cap, Ripple’s XRP, appreciated yesterday but was not among the top performers. XRP appreciated from around $0.45 to approximately $0.466. It has continued to trade in a range for the past few weeks where price action has traded between $0.42 and $0.48. There is some key resistance at $0.49 just above the range that XRP is trading in. This may result in there being more possibility of a downward break out of the range as opposed to an upward break. But with the overall market being more bullish, XRP may manage to overcome this resistance by moving with the general market.

XRP Daily Chart – Source: Tradingview.com

The hourly chart shows yesterdays spikes followed by a retracement and consolidation in price action. The MACD is converging to its centerline showing a shift to seller momentum.

XRP Hourly Chart – Source: Tradingview.com

Key Takeaways:

• XRP appreciated yesterday along with the rest of market but remains in the range it has been forming for the past few weeks.
• Key resistance just above range but XRP price moving along with market may be enough to break the resistance. The overall market has been setting up more bullish with significant increases over the weekend.
• Hourly chart shows yesterdays spike followed by a retracement and consolidation. Hourly MACD is converging to the centerline showing a shift to seller momentum.

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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