The question is whether Ripple (XRP) will overcome the main resistance line at 30 cents. This is a huge resistance line that XRP bulls must overcome if there will be any decent gains to 40 cents and even 60 cents by the end of the year. Assuming there is a high volume break and close above 30 cents as momentum builds up from yesterday's bull bar, it is likely that prices will rally to 34 cents by the end of the week. However, we cannot make quick judgements. It's only Tuesday and there is notable resistance--notice the long upper wick?,--so while prices could consolidate in lower time frames, the best course of action--in my view, is to wait for a decent break and close above 30 cents. Those willing to get in may fine tune entries in lower time frames-preferably the 1 hour chart, buy the dips with stop-loss orders just below Oct 7 lows with first targets at 34 cents and wait for action.
Failure, and reversal from spot levels could see prices plunge back to 20-23 cents zone or Sep 24 lows as sellers flow back.
Failure, and reversal from spot levels could see prices plunge back to 20-23 cents zone or Sep 24 lows as sellers flow back.