Technical Analysis Ripple is currently the best performaing coin beside to BTC, it rallied 30% within one week. As we can see in the chart it has hit a strong resistance level at .284 USD. A continuation of this rally is definitely in the cards in the upcoming period. For now the 3rd ranked coin according to market cap is slightly overbought and a correction towards one of the support levels is likely to happen. MACD loses more and more traction and confirms this assumption.
Support Levels: .22 USD .20 USD .18 USD
The longterm picture still looks very encouraging. As shown in the chart we have some resistance levels in front.
Traders should wait for a clear buy signal before entering new positions. Pending (Stop-Limit) orders should be placed above .29 USD in order not the buy the coin directly before a pullback.
Chart symmetry and harmonic wave analysis leads to a target between .22 USD and .20 USD which would be a nice discount price to enter new positions. In this case, the price would bounce from the 100 SMA.
Pullback Target: .22 USD
Analysis is based on Bitfinex Data.
Market Situation We have an improtant market event in on Monday. Ripple will hold their first-ever annual conference called SWELL. Speaking at the event will be two of the world’s most famous innovators. Tim Berners-Lee is largely known as the inventor of the Internet and Ben Bernanke the father of Quantitative Easing. This could easily initiate a serious surge because of upcoming business tactics being revealed.