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Ripple Price Analysis: XRP Lost Critical 5000 SAT Support Area – What’s Next?

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Ripple’s XRP has seen a price decline totaling 6% over the past 24 hours of trading, bringing the current price for the coin down to around $0.3754 at press time. The cryptocurrency has lost a further 16% over the past 7 trading days.

This price drop largely is due to the retracement seen in Bitcoin, although XRP also has seen difficulty when priced against Bitcoin.

XRP currently is ranked in 3d place amongst the top cryptocurrency projects by market cap value, holding a $15.89 billion market cap, according to CoinMarketCap at time of publication.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, we can see that XRP/USD has fallen further from the $0.39 level, to where it currently is trading at around $0.375. XRP has strong resistance beneath it provided by the 200-day moving average around the $0.3615 level.
  • From above: The nearest levels of resistance lie at $0.3790 and $0.3943. If the bulls can continue further above $0.40, higher resistance can be located at $0.4235, $0.4376 and $0.4617. Above this, further resistance lies at $0.48 and $0.50.
  • From below: The nearest level of support now sits between $0.36 and $0.35. Beneath $0.35, further support is located at $0.34, $0.32 and $0.30.
  • Trading volume has dropped significantly from the average level seen during May 2019.
  • The RSI is in a precarious position as it hovers around the 50 level which indicates indecision within the market. If the RSI drops beneath 50, we can expect XRP/USD to head lower.

xrpusd_may23-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, we can see XRP/BTC has now dropped further beneath the support at 5000 SAT to where it currently trades at press time, around 4850 SAT.
  • From above: The nearest level of resistance now sits at 4910 SAT, 5000 SAT and 5090 SAT. Above 5100 SAT, further resistance exists at 5571 SAT, 5962 SAT and 6000 SAT.
  • From below: The nearest level of support lies at 4731 SAT. Beneath this, further support is expected at 4500 SAT, 4323 SAT and 4000 SAT.
  • Trading volume has also significantly declined toward the second half of May 2019.
  • The Stochastic RSI suggests that price action will head further lower due to a bearish crossover in overbought conditions.

xrpbtc_may23-min

Ripple

Ripple Forecast and Analysis September 16 — 20, 2019

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Ripple XRP/USD end the trading week at 0.2512 and continue to move as part of the decline. Moving averages indicate a downward trend. At the moment, we should expect an attempt to develop a correction and test the resistance area near 0.2755. Where again we should expect a rebound and continued fall of the cryptocurrency to the area below the level of 0.1545.

Ripple Forecast and Analysis September 16 — 20, 2019

In favor of reducing the XRP/USD quotes in the current trading week September 16 — 20, 2019, a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall option of the Ripple cryptocurrency will be a strong growth and a breakdown of the 0.3515 area. This will indicate a breakdown of the resistance area and continued growth of XRP/USD quotes with a target above the level of 0.3875. A confirmation of the fall of the cryptocurrency will be a breakdown of the support level and closing of quotations below the area of ​​0.2245.

Ripple Forecast and Analysis September 16 — 20, 2019

Ripple Forecast and Analysis September 16 — 20, 2019 involves an attempt to test the resistance level near the area of ​​0.2755. Where can we expect the continuation of the fall in quotations with a potential target at the level of 0.1545. An additional signal in favor of reducing Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option of falling cryptocurrency will be the breakdown of the 0.3515 area. This will indicate a continuation of the rise with the target above the level of 0.3875.

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Ripple’s Community Shows Interest in Forking XRP Into “RippleOne”

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What better way to kick off a new week in the crypto industry than by having some potential drama. While Ripple and XRP are prominent entities in the industry, a lot of people have a genuine dislike for both. Things have gotten out of hand recently, as Crypto Bitlord claims he will effectively fork XRP. There is even a Discord channel created for this specific purpose, albeit it seems unlikely much will come of it.

The XRP Fork Plan

While it is not uncommon in the cryptocurrency industry to fork existing projects, most of these ventures are never overly successful. In the case of Bitcoin, there have been so many spin-offs that most people have stopped bothering to keep track of it all. Ethereum also has its own fork, as do numerous other cryptocurrencies on the market today. Surprisingly, it now seems XRP may be added to this list in the near future, assuming the speculation and rumors on Twitter will effectively lead to some plan of action. 

If Crypto Bitlord is to be believed, there will be a fork of XRP in the very near future. The new fork will be known as RippleOne and aims to disrupt the existing ecosystem as a whole. Why anyone would try to fork a project which isn’t even a traditional cryptocurrency in the first place, remains rather unclear. It appears this particular user is not too pleased by the way XRP has performed in recent months, although the same can be said about all cryptocurrencies, tokens, and assets on the market right now. 

The Discord Channel Goes Live

As is often the case in the cryptocurrency industry, an idea like this tends to get some attention sooner or later. There appear to be many XRP holders who are displeased with how Ripple is handling the sale of XRP through its escrow contracts. Even though that move was designed to bring more legitimacy to the project as a whole, it seems a lot of people don’t understand the purpose of taking this approach. There are also concerns as to how Ripple is effectively pushing the XRP price down by continually selling these locked assets every single month. 

As the RippleOne concept gains more traction, it now appears there is a dedicated Discord channel for like-minded users to come together.  Although this is a big step in the right direction toward creating RippleOne, it doesn’t necessarily mean an XRP fork will ever occur. More often than not, this is merely smoke and mirrors to try and cause a ruckus. Effectively forking a project and making it successful is a lot more difficult than people might expect.  If it wasn’t, everyone would so at their leisure, which is the last thing the cryptocurrency industry needs.

Would it Even Pose a Threat?

To this date, no one can deny Ripple has seen its fair share of success over the past few years. While it is true XRP has lost tremendous value compared to its multi-dollar all-time high, the same goes for most of the markets today, with the exception of Bitcoin. Even that currency is down by nearly 50% compared to its all-time high of late 2017. There is no reason to believe these markets will not recover in due time. That being said, not everyone has the patience of a true holder, which is only to be expected under the current circumstances.

Even if this XRP fork were to be created, one has to wonder if it can pose a legitimate threat. Since everyone knows RIpple and XRP by now, it seems unlikely RippleOne will make much of an impact. Moreover, Ripple has the partnerships necessary to become a successful company, whereas RippleOne would have to start from scratch. There are far easier projects to fork if developers want to make a quick buck, as going after XRP will involve a lot of patience and hard work. 

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Ripple’s XRP technical analysis: XRP/USD bulls are lifeless with a position to capitalize to the north

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  • Ripple’s XRP price on Monday is trading marginally in the green, up some 0.20%. 
  • XRP/USD price action is moving in consolidation mode, sitting just above a breakout pennant structure. 
  • Upside appears to be very much capped by resistance within the $0.2600 price area. 

Spot rate:                 0.2542

Relative change:      -0.65%

High:                         0.2637

Low:                          0.2605

XRP/USD

OVERVIEW
Today last price0.2611
Today Daily Change0.0004
Today Daily Change %0.15
Today daily open0.2607
TRENDS
Daily SMA200.2587
Daily SMA500.2793
Daily SMA1000.3312
Daily SMA2000.3365
LEVELS
Previous Daily High0.2647
Previous Daily Low0.2592
Previous Weekly High0.2665
Previous Weekly Low0.2511
Previous Monthly High0.3308
Previous Monthly Low0.2392
Daily Fibonacci 38.2%0.2613
Daily Fibonacci 61.8%0.2626
Daily Pivot Point S10.2584
Daily Pivot Point S20.256
Daily Pivot Point S30.2529
Daily Pivot Point R10.2639
Daily Pivot Point R20.267
Daily Pivot Point R30.2694

XRP/USD daily chart

  • XRP is sitting just above a breached bearish technical pennant, there is a lack of commitment for now. 

XRP/USD 60-minute chart

  •  The heavy near-term supply can be observed within the $0.2600 region, as sellers remain capped within region. 

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