Ripple Review, Analysis, and World News That’s Influencing the Crypto Markets
Ripple is currently trading at $0.188 and it is correcting higher from the $0.17 level of past week. The XRP bulls have been struggling for weeks to cross the $0.20 resistance. Let’s review what the markets are indicating and if there is any news that might be swaying investor sentiment.
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Ripple ranks third in market capitalization after Bitcoin and Ethereum and the total cryptocurrency market cap currently around $43 trillion. Ripple started off at $0.22 this month and has dropped 11% in 20 days. The bearish trend got more pronounced at the end of the first week.
In the news, amidst China’s plans to launch their version of a centralized digital currency, President Donald Trump’s impeachment, and the geopolitical crisis that is plaguing the world economy, this may be the right environment for cryptocurrencies to gain significant value.
Bitcoin and Ethereum have both hit resistance levels and Ripple is struggling to regain its momentum. Ripple’s major bearish trend suggests that there is an active resistance near $0.205 on the chart of the XRP/USD. While the trend continues, the price may struggle to cross the $0.20 level.
The crypto market has witnessed several trend reversals and Ripple’s struggle to cross resistance is visible in the chart. XRP is trading at a new low and is above SMA 100. If the cryptocurrency corrects higher, there is a possibility that it crosses its ATH from December 2017. The path to crossing the resistance has a few hurdles at $0.190 and $0.195. However, once the altcoin crosses these resistances, it may hit the $0.20 level, by the second week of January 2020.
The downward trend that started on December 12, dropped the price from $0.23 level to $0.17 within a week and there is a possible rebound to the $0.23 level. Once XRP crossed $0.20, the next target is $0.23.
This holiday season, we may see the cryptocurrency cross $0.21, which is where the 100 day SMA hovers, and if a correction follows, the altcoin may drop to $0.17 level. The coin may close around $0.21 on Christmas/ New Year’s Eve.
On the downside, a slide below the $0.18 level may push the altcoin to $0.17 or $0.165. A close below $0.18 today may push the price further down the slope.
If we look at the monthly chart, we can see that the price is correcting, however there may be a trend reversal at $0.20 level. If Bitcoin continues to rise as we enter into 2020, altcoins like Ripple may follow suit. There may be a sharp upward move above the $0.25 level.
Throughout 2019, XRP made serious partnerships with banks across the world and this has strengthened Ripple’s stronghold. This ensures that Ripple gets a strong start as we enter 2020 and this means, right now would be the best time to buy. Buying at $0.18 level with a target of $0.20 would be ideal. On the downside, if the price drops, we may see a $0.15 or $0.13 level. We are waiting to see the recovery start above the $0.20 level.
From our technical analysis we may see a recovery, and our short term target is $0.25. This is also the same price at which we opened this month. Anything below the $0.17 territory would remain unchartered, as long as bulls are controlling the market. That being said, a sell-off may trigger a trend reversal. We would wait to see how the price action unravels and make a buy/sell decision based on the daily chart.
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