Market Update


Insights for the Asian Crypto trading session Monday 25/03/19

  • BTC/USD: Bitcoin bears unable to break downside

  • ETH/USD: Ethereum sandwiched between support and resistance

  • XRP/USD: Ripple bulls hold key daily support for now

  • LTC/USD:  Bears failed to the downside, now it's time for the Bulls

  • EOS/USD: EOS holds $3.60 support, looks set to break higher above $3.70

XRP/USD Technical Analysis: Ripple at risk of swift decline towards $0.2850 support area

  • Ripple trading sideways around key daily ascending supporting trendline

  • MACD showing price structure is vulnerable to further declines with lack of momentum and volatility

  • Failure to hold $0.3150 could see prices move quickly towards $0.2850 support

XRP/USD Daily chart


Our Forecast

 XRP/USD: Ripple is very close to breaching the critical triangular pattern structure, ascending support line, currently tracking at $0.3150. Given the current moving averages and oscillators are flashing strong sell signals due to a lack of momentum and volatility, a break of this key support area at $0.3150 will result in a quick move towards $0.2850 with a failure to hold there opening up a test of $0.2450. With a confluence of resistance ranging from $0.3180 towards $0.3310, bulls are going to have their work cut out for them to push prices higher, with the bears more likely to take control at current prices and look for a move towards $0.2850. 

Daily Technical Analysis Summary: Strong Sell

Moving Averages:  Strong Sell

Oscillators: Sell

 Support 1:               $0.3080

Support 2:               $0.3000

Resistance 1:                $0.3180

Resistance 2:          $0.3212

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