TomProTrader

XRP/USD - Trading Opportunities

BITFINEX:XRPUSD   Ripple / U.S. Dollar
With Cryptocurrency showing signs of recovery, we can start to look at other Cryptocurrencies that are at key technical levels that might be ideal for a buy opportunity. Due to volatile market conditions, I am only seeking buy opportunities in Cryptocurrencies with a high market cap as they tend to be less volatile and have more trend structure than lower volume Cryptocurrencies. With this in mind, I found Ripple!

Let's analyze Ripple on the 1D chart and use candlestick behavior and structure to make this analysis. Today price reached a long term horizontal support zone between 0.5810 and 0.4550, which has been a support level ever since 22nd December 2017. Current levels can be looked at for further up movement. Price is trading right in the middle of the horizontal zone.

There's 2 wave Ripple's next move will take place. They are:

- Price bounces at current horizontal support zone between 0.5810 and 0.4550 and bounces to the upside to around 0.9110 (Which will also coincide with 200 major moving average resistance, before then correcting.
- Price breaks down below the currently horizontal support zone , and breaks down further to the pre December rally support zone at 0.2860. If this happens, I would not expect price to hit the upside target of 0.9110 as illustrated on my chart, but rather find resistance at where price is now, at 0.5500.

Bare in mind just because the next support zone below the current one is 0.2860, it does NOT mean it will have to go this low before the up move. The support level is just a guide to show this is the lowest level we can get before the next up move, had we break current support zone .

I will continue to update this analysis if enough people request it.

Please leave a LIKE and follow. I would really appreciate it. :-)
Comment: Ripple price appears to be going up fairly well, as confirmed by immediate price action indicators - Candlesticks.

Couple of bullish engulfing signals suggesting higher price. As I looked through smaller time frames I discovered there is also a short term side-wards support line which could be a short term support whilst Ripple finds some ground.

If the side-wards support on this chart is broken to the downside, then I am expecting the possibility of a retest at 0.5100 before any further upside.

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update pls...
+1 Reply
Thanks Tom, appreciate the time to look at XRP, there are a lot of us who have high hopes for it as a real world use currency, but we would still like to increase our portfolio with little bounces here and there.
Thanks again
Reply
your charts seem too optimistic for xrp..
+1 Reply
Enjoy some XRP love. Thanks!
Reply
@TheGush, Looking good in that support zone !
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please keep the ripple updates coming.
+5 Reply
TomProTrader RussellBoullion
@RussellBoullion, I will consider this if I get enough time. :-)
Reply
Thanks tom, Will follow this thread
+1 Reply
TomProTrader Washankein
@Washankein, Excellent
Reply
If you could share what would constitute a long buy signal in your opinion it would be helpful.

i.e. buy on breakout of .576 line with target at .91 and SL at .45
+2 Reply
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