Market Update

twitter.jpg

Insights for the Asian Crypto trading session Monday 18/03/19

  • BTC/USD: Bitcoin finally breaks $4,000 resistance

  • ETH/USD: Ethereum bulls take control, price back above $140

  • XRP/USD: Bulls take advantage as XRP crawls towards $0.32 cents

  • LTC/USD:  Litecoin jumps 10% as relentless bulls continue rally

  • EOS/USD: EOS back above $3.80, bears lose control

XRP/USD Technical Analysis: Positive price action on low volumes, is the market losing interest in Ripple?

  • XRP/USD 24 hour volumes on the decline, consistently lowest turnover in top 5 assets by market cap

  • Daily price action has crept above long running downward trending resistance l

  • MACD shows the price action has very low volatility and momentum

XRP/USD Daily chart:

XRP180319.JPG

Our Forecast:

XRP/USD: On the daily chart, price action has crept above a long running downward trendline with short term resistance seen toward $0.3250 which the bulls need to breach to generate some upside momentum. The daily MACD is showing that the market has very low volatility and momentum and when combined with the fact that average daily volume has been averaging close to 500 million, which is some 1 billion below XRP’s nearest peers in the top 5 market cap raises the question is the market losing interest in Ripple or is there a large overhang of bag holders from higher levels which is preventing this asset from moving higher? Either way time will tell, perhaps a move above $0.35 cents is need to encourage fresh buyers into XRP and generate some momentum.

Daily Technical Analysis Summary: Buy

Moving Averages: Buy

Oscillators: Sell

Support 1:               $0.3275

Support 2:               $0.3250

Resistance 1:             $0.3170

Resistance 2:          $0.3130




The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.