Ripple’s XRP drops another 4% ahead of 2019 amid widespread market declines – Confluence Detector
|- XRP/USD is trading below both the 50 SMA and the 100 SMA.
- The technical indicators are slightly bullish.
The crypto market is currently sinking in the sea of red ahead of the new year’s celebration. The crypto community is happy that the gruesome 2018 has finally come to an end. However, the bears hard to make sure that the market closes the year in losses. At the time of writing digital assets have lost at least $3 billion from yesterday’s $130 billion. The red painted market means that the market could continue recording losses towards the new year while the assets are expected to continue trimming the gains.
Ripple’s XRP price technical picture – Confluence Detector
Ripple’s XRP has not been spared from the end year sell off. The crypto is correcting lower on the last day of the year in addition to breaking the triangle support we discussed earlier in the day. Besides, XRP/USD is trading below both the 50 SMA and the 100 SMA on the hourly timeframe chart.
There is an ongoing correction at the time of press with as XRP battles to reclaim position in the triangle. The technical indicators are slightly bullish. The RSI has retreated upwards after coming into contact with the oversold level. The DMI has also revamped the trend upwards to mean that the current bullish trend is likely to continue in the near-term.
Marginally above the current price of XRP; $0.36 is the first resistance according to FXStreets Confluence Detector tool at $3,665. There is a concentration of sellers from this level to the key resistance at $0.3815. If XRP can make it above this level, the price will face more resistance at $0.3965 before paving the way for correction above $0.40. On the other hand, a strong support has been established at $3253.
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