CryptoCubic
Long

Ripple Expected to Rise 30% Towards Key Resistance

POLONIEX:XRPUSD   XRP / U.S. Dollar
Ripple has found the bottom at $0.57 while forming a bullish divergence on the RSI oscillator. Price went up and broke above the downtrend trendline , that is 2/1 Gann Fan trendline , resulting in a 115% recovery from the bottom.

XRP/USD started the consolidation between $0.89 and $1.25, although since 11th of February it looks like a slightly ascending trend. Yesterday price attempted to break below the uptrend trendline , although failed to close below, suggesting the Ripple should continue to move higher.

The nearest resistance is at $1.45 which appears to be the key price to watch for and confirmed by two Fibonacci retracement levels, 76.4%, and 161.8%. Break above should confirm the continuation of the long-term uptrend and will invite big buyers to participate.

On a downside, the nearest support is at $1, where daily break and close below might send Ripple back to $0.6-0.9 area.
Comment: Ripple trading at the support, lets see if it holds

Comments

Hi, thanks for sharing your TA. Since last week XRP is in a lateral consolidation with some support and resistance tests between EMA 50 and EMA 200 4H and falling in volume in USD. It has also lost more than 18% with respect to the BTC pair. I have a position in XRP but I am analyzing to advance the stop loss because I am not seeing positive signals in the short term. Your TA encourages me to maintain a position and wait for a bullish break. What indicators should I pay attention to in the next hours? volume? closing of next candle 4H on EMA 200?
+3 Reply
@gusccbb, I'd pay attention only at $1 support, the price could get back to this level but it is important that it won't close below. that if you trade short term, but in a midterm price is highly likely to reach the first target, although a correction even down to $9 or slightly lower is possible
+4 Reply
gusccbb CryptoCubic
@CryptoCubic, Thanks for your time to answer me.
Reply
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