Recently, Ripple coin news has reported increased adoption in various companies around the world. This, in turn, has left Ripple traders and enthusiasts with the hope that the coin’s price will at least show signs of gains. These hopes were further increased during the SWELL event. As such, should we expect a drop or surge in Ripple price?
Yesterday, we witnessed a downside correction below the $0.500 level in the coin’s price. Ripple (XRP) traded towards the $0.4600 level and formed a low at $0.4619. However, minimal gains were seen later above the $0.4800 level.
Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $0.5283 high to $0.4619 low. Nonetheless, the upside correction was protected by the $0.500 resistance and the 100 hourly simple moving average. Also, according to the daily chart, the Ripple price may have found a strong selling interest near the trend lines at $0.4950. If the coin manages to break above this point, the next target could be $0.5120.
Ripple Coin News
Ripple had a phenomenal month in September after surging over 100%, which saw investors pile into the digital XRP token on hopes it would become the de facto way banks and financial service companies moved money across countries. However, the coin’s price has dropped from $0.61 levels since the beginning of the SWELL event to just $0.48 at press time. Since the much-hyped event, the wind has been somewhat taken out of XRP sails.
Ripple has experienced increased adoption throughout 2018, which saw the coin surpass other digital currencies to become the third largest cryptocurrency in the world. However, the coin’s price continues to remain range-bound despite the increased traction. As such, it remains to be seen what direction the coin will take.
According to your analysis, what direction do you think Ripple’s price will take?
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