Trade Alert
Ripple is now close to the lower bound of the rising channel formation that it is trading in. For now, we will stay neutral, but keep a close eye on some of the key resistance and support levels.
If the lower bound holds and Ripple rebounds, this could be a good sign for the bulls to jump in again and drive the crypto back up. But in order to get comfortable with this idea, we would like to see a confirmation break above the 0.3145 level, before we aim higher.
On the downside, if the lower side of the channel gets broken and the rate falls below the 0.3050 zone, this may lead the crypto to lowest point of February first, near the 0.2915 hurdle. Slightly below lies the low of January, near the 0.2865 hurdle.
Please see the chart for levels and details.
Don't forget your stop-loss.
Ripple is now close to the lower bound of the rising channel formation that it is trading in. For now, we will stay neutral, but keep a close eye on some of the key resistance and support levels.
If the lower bound holds and Ripple rebounds, this could be a good sign for the bulls to jump in again and drive the crypto back up. But in order to get comfortable with this idea, we would like to see a confirmation break above the 0.3145 level, before we aim higher.
On the downside, if the lower side of the channel gets broken and the rate falls below the 0.3050 zone, this may lead the crypto to lowest point of February first, near the 0.2915 hurdle. Slightly below lies the low of January, near the 0.2865 hurdle.
Please see the chart for levels and details.
Don't forget your stop-loss.