XRP has been consolidating since early October inside a flag-like pennant and broke upwards earlier today.
This does not come as a surprise considering how well Ethereum has been performing as of late and that has now generated a tailwind for other big-cap altcoins such as Ripple (XRP).
Alt season is well upon us and the opportunity cost has started to get the attention of Bitcoin speculators who are now risking less for better returns in other cryptocurrencies.
That being said, participants looking to make an entry into XRP/USD would want to wait for a bullish re-test of the sloping flag resistance to confirm it as support around 1.12 - 1.14 USD.
Conversely, if XRP/USD cannot sustain this rally and sells down into a deeper pullback then losing major support at 1.00 USD would be bearish.
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This does not come as a surprise considering how well Ethereum has been performing as of late and that has now generated a tailwind for other big-cap altcoins such as Ripple (XRP).
Alt season is well upon us and the opportunity cost has started to get the attention of Bitcoin speculators who are now risking less for better returns in other cryptocurrencies.
That being said, participants looking to make an entry into XRP/USD would want to wait for a bullish re-test of the sloping flag resistance to confirm it as support around 1.12 - 1.14 USD.
Conversely, if XRP/USD cannot sustain this rally and sells down into a deeper pullback then losing major support at 1.00 USD would be bearish.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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