Ripple Weekly Analysis: XRP/BTC Pair Depreciated 25% Over the Week

December 6, 2017

3 min

Table of contents

In the volatile cryptocurrency market, Ripple is one of the stable coins. The coin did not have an exponential rise recently, but it did not fall drastically either. It is also backed by a very promising firm, which will give the token leverage in the long run. Currently, the token is holding above $9.3 billion in market cap and is the 5th largest coin as it lost its 4th spot to the booming IOTA.

Key Highlights

  • XRP/USD pair faced a stiff resistance between $0.246 to $0.25 since the midweek
  • XRP/BTC pair depreciated 25 percent over the week and currently trading around 0.000018 BTC

Ripple Market Cap
The coin started its week, be taking a dive from $0.27 to $0.22. Though the pit acted as a pivot and the token recovered to $0.24, it fell again to $0.22. But this time it pushed the coin until it reached $0.25. The token faced resistance at that level, but a support level also formed at $0.24.
After staying in this resistance-support band, it suddenly went up to $0.259. Testing that resistance level for a while, the token dropped. Though the support at $0.24 tried to hold the token’s value, the new resistance formed above $0.246 checked any growth, and the token started to fall gradually and ultimately breached the support.
Ripple graph
In the daily chart, the token is on a gradual downward move, and its value fell from $0.242 to $0.229. It is trying to find a new support level and is stabilizing around $0.23.
Due to the falling Ripple prices, the indicators are also running bearish. Stoch went under the overselling mark while RSI has recovered from 22 percent to 41 percent. MACD is also running bearish with a substantial gap between the curves.
Ripple indicators
XRP/BTC pair had bearish run all around the week mostly because of the rising BTC/USD. The pair dropped 0.000024 BTC to 0.000018 BTC over the week registering a loss of 25 percent.

What should you learn next? Turn the wheel to find out!

rainbow circle

Breakout Trading Method: How Does It Work?

share

previous post

11 Life Lessons We’ve Learned From 11 Years Of Trading
11 years of IQ Option
11 Life Lessons We’ve Learned From 11 Years Of Trading

next post

Bitcoin (BTC) Weekly Analysis. The Coin Touched an All-New High
Bitcoin (BTC) Weekly Analysis. The Coin Touched an All-New High

Latest posts

11 Life Lessons We’ve Learned From 11 Years Of Trading

11.11.2024

11 years of IQ Option

The 2024 US Election: How Will the Markets React?

31.10.2024

US election impact on markets

Breaking a Losing Streak

29.10.2024

How to Trade Commodities on IQ Option: A 360° Guide

14.10.2024

Trading commodities on IQ Option

The US Presidential Race 2024 Market Influence: What You Need to Know Now

11.10.2024

Top TV Series and Reality Shows about Trading

07.10.2024

Top TV shows about trading