Market Update

Insights for the Asian Crypto trading session Friday 14/12/18

  • BTC/USD: Upside momentum fades out, $3000 in bears sights

  • XRP/USD: Ripple comes under heavy selling pressure late in the session

  • ETH/USD: Looming constantinople hard fork keeping downward pressure on

  • BCH/USD: Recovery fails to break above $100, bears in control

  • XLM/USD: Stellar about to trade fresh 2018 yearly lows

Ripple Technical Analysis: XRP/USD bears targeting $0.25 cents

  • XRP/USD comes under heavy selling pressure last in overnight session

  • Next major support levels to watch are $0.20-$0.25 cents

XRP/USD  Daily chart:

XRP+target.png

Our forecast:

XRP/USD: At the time of writing Ripple is nursing losses of about 3.5% after a failed topside breakout in the previous session. Upside momentum failed to materialise into anything significant as bears continued to sell into strength. XRP has been confined to a tight range of $0.05 cents over the past week with a large breakout likely to be seen soon, whilst the direction remains unclear the price remains vulnerable to the downside with all indicators flashing red. XRP could come under heavy selling pressure today as Bitcoin heads towards the psychologically important $3,000 level, with the next major levels to watch $0.2950 and then $0.20-$0.25 cents. Ripple remains a sell on strength.

Hourly Technical Analysis Summary: Sell

Moving Averages: Strong Sell

Oscillators: Sell

 Support 1: $0.3042

Support 2: $0.2998

Support 3: $0.2916

Resistance 1: $0.3060

Resistance 2: $0.3147

Resistance 3: $0.3213