December 24 2018 21:23 UTC
The price of $XRP has risen over twenty-four hours. The last price at press time is .39480 USDT. In Binance moderate to heavy volume trading the daily change is 8.52%, or 0.03098 USDT:
|$XRP Price Change|
[Trend is “up” when the weekly price movement is predominantly upwards.]
Real Time Market Depth
The real time market depth is strongly bullish.
[The real time market depth is a fractional representation of the order book, used to assist in determining market direction.]
Tap / click to zoom:
We see the price of bitcoin up 1.82% or $71.46 in twenty-four hours and this will exert an upwards influence on Ripple.
More market good news is the introduction by Binance of two XRP quote pairs: $TRX/XRP and $XZC/XRP. One pair has been well received by traders with $XZC up a whopping 30.4% overnight. The $TRX pair not so much, as it is down slightly 0.10%.
On main street finance the news is gloomy with PBS.org reporting “The major indexes on Wall Street fell another 2 percent Monday, making it very possible that the market will end this month as the worst December for stocks since 1931.”
While not so good for fiat, the probable affect on bitcoin, and crypto in general, and $XRP in particular as the second ranked crypto, is favorable as investors leaving fiat in disgust may find greener fields in cryptocurrency – which also has bargain prices at the moment and a much brighter long term outlook.
Historically there is little or no correlation between the price of main street stocks, and the price of cryptocurrency, based on analysis of overlaid charts over a five year period. Ancillary spin off effects of a mal performing main steet bode well in general for other alternative investment vehicles, including gold, crypto and other hedge investments.
Moving Average Convergence Divergence (MACD)
The MACD on the four hour chart is bullish. The last six 4 hour sessions have all been bullish. This is while the last three sessions have seen price losses and red candles. The falling price may be temporary as the bigger picture is still upwards.
[MACD is a trend-following momentum indicator]
Exponential Moving Averages (EMA)
The short term EMA(7) has seen some sharp climbs over the last week. Today on the four hour chart we see the angle of declination leveling out, while prices drop. This is a period of consolidation before the next leg up.
[EMA is a type of moving average that weights recent price fluctuations more, yielding a better short term signal]
Relative Strength Index (RSI)
The Relative Strength Index on the one hour chart is 45.5. This is a neutral state.
[RSI is is a momentum indicator that measures the magnitude of recent price fluctuations to determine an overbought or oversold state]
Bitcoin $BTC Price Modifier
The 24 hour Bitcoin $BTC change is 1.82%. This may exert a bullish influence on Ripple today.
[The bitcoin price modifier reflects the historical correlation between the price of $BTC and altcoins]
Ripple $XRP Price Outlook
- the Ripple $XRP price outlook is bullish
- if the price finds acceptance at higher levels the immediate resistance prints at $0.45000
- if the price finds acceptance at lower levels the immediate support prints at $0.36214
Support levels: $0.36214 $0.34 $0.30 $0.28
Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its short term analysis duration.
Analysis Duration: more than one day
This report is for a short term duration of more than one day. Analysis is time sensitive.
[Analysis duration is the “best before date”, calculated from report generation at December 24 2018 21:23 UTC.]
Asset: Ripple $XRP
Time Period: Daily
Summary: strong buy
Moving Averages: buy
Technical Indicators: strong buy
The author holds Ripple $XRP at the time of writing.
Thanks for reading 🙂