Ripple has been on a steady rise against the Bitcoin since 14th of August. Price has increased from the 4160 satoshis, where price formed the bottom, up to the 5725 satoshis in just 4 days, resulting in a 37% gains over the BTC.
After hitting the 5725 high, XRP has corrected down and fond the support at 4950 satoshis, which is the support level confirmed by two Fibs. The 5k satoshis area, could also be a strong psychological support area, from where Ripple could start moving much higher.
But first, it has to reach and then break above the nearest resistance, which is seen at 88.6% Fibs, that is 6000 satohsis. At this stage more consolidation is possible and price could be ranging near the 5k satoshis area. But this also could provide a good buying opportunity for the short term.
Considering the long term scenario, if Ripple will break above the 6k resistance with confidence, the trend could change the direction, where XRP will continue to outperform BTC.
After hitting the 5725 high, XRP has corrected down and fond the support at 4950 satoshis, which is the support level confirmed by two Fibs. The 5k satoshis area, could also be a strong psychological support area, from where Ripple could start moving much higher.
But first, it has to reach and then break above the nearest resistance, which is seen at 88.6% Fibs, that is 6000 satohsis. At this stage more consolidation is possible and price could be ranging near the 5k satoshis area. But this also could provide a good buying opportunity for the short term.
Considering the long term scenario, if Ripple will break above the 6k resistance with confidence, the trend could change the direction, where XRP will continue to outperform BTC.