It seemed the XRP rally would never end after an epic 50 percent climb from $0.30 to $0.45 over the past 48 hours. However, it seems the dream has been shot down by strong resistance just below $0.48. After peaking at $0.477 earlier today, the XRP price began a steady decline to $0.44 before suddenly collapsing to $0.39 in a matter of minutes.
Fortunately, support kicked in and the price managed to climb back and is now holding above $0.40. The unexpected drop followed similar movements by Bitcoin (BTC) and Ethereum (ETH), both of which declined by around 5 percent at the same time. With money now moving quickly into altcoins, analysts see Bitcoin continuing this trend reversal all the way back to $7,000 levels.
Yesterday, the popular crypto rating site Weiss Ratings noted that Bitcoin was showing signs of bullish exhaustion but noted that XRP has confirmed a bullish breakout. In the usual contra-indicative fashion, the move comes hot on the heels of CNBC analyst Ran NeuNer tweeting that this “bull run will make 2017 look like play school.”
Graph from Coinlib.io
XRP/USD Analysis
Certain technical indicators such as the relative strength index (RSI) and ‘moving average convergence divergence’ (MACD) have been predicting a decline due to the majority of digital assets floating into overbought territory this week. With XRP now breaching the SMA50 (1-hour) at $0.417, it’s likely that further losses are imminent. For now, the psychological $0.40 level is holding but a drop below will need to find support at $0.38 or the 200-day moving average (DMA200) of $0.342.
XRP is trading currently hanging in there at $0.418, down 3.98 percent today but still up an impressive 40 percent over the past week. Ethereum (ETH) has faired best through the decline, still up a whole 10 percent today despite the minor dip.
The post Ripple (XRP) Update: Weiss Ratings Confirm Bullish Breakout but Price Hits Resistance at $0.48 appeared first on Cryptocoin Spy.
