- The 50 SMA will hinder growth at 0.452 and the 100 SMA at 0.45 (hourly chart).
- Ripple has stated yet another period of stability following the declines earlier this week.
Ripple was the bull among the sloth of bears in cryptocurrency market in September. The crypto corrected higher over 100% as the price traded at $0.6. However, in the last few weeks the asset has been trimming the gains. For instance, it traded lows of $0.38 in the second week of October before the buyers pushed for a bullish move. The daily chart shows that a resistance is established at $0.5.
The hourly chart, on the other hand, shows a short-term triangle that is steadily approaching a breakout. The pattern has been formed following the declines at the beginning of the week which hit the lows of $0.43. The price bounced from this support the upper limit of the range has capped the upward movement at $0.45. A break from the triangle resistance will ignite gains overwhelming the immediate resistance at $0.4450.
The 50 SMA will hinder growth at 0.452 and the 100 SMA at 0.45. On the contrary if the support is broken, XRP/USD will break down further towards $0.4 which could spark more losses heading to $0.3. Currently, Ripple is trading in a dangerous zone with the bears sharpening their teeth ready to bite.
According to the MACD the bulls are gaining traction in the near-term. The RSI confirms the rising presence of the bulls. The indicators, however, are motionless to show that the stability will continue.
In other news, the largest crypto exchange in the U.S. Coinbase is looking at a massive profit of $1.3 billion amid the declining prices in the market. As reported by Bloomberg, the exchange raised at least $8 billion in digital assets. The firm has become one of the most valuable startups. Likewise, the value of the company is much higher compared to where it was last year. This year Coinbase will announced a profit of about $456 million up from the previous $380 million.
XRP/USD 60’ chart
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