Should I buy Ripple now
Ripple has suffered from 50-day SMA for the last three days, it behaves as a strong resistance. Ripple is still trading below it. This is a sign of bears victory.
In order to get back to our bullish view Ripple has to go above 50-day SMA and then breakout above $1.85 level which is 38.2 percent Fibonacci retracement level.
Conversely, if Ripple fails to penetrate these levels, we expect a fall towards $0.87 levels. We believe that $0.87 levels would attract more buyers.
So, we don't recommend any long positions in the current situation. Open long only on these two areas:
Around the strong support $0.87 OR at breakout above $1.85
In order to get back to our bullish view Ripple has to go above 50-day SMA and then breakout above $1.85 level which is 38.2 percent Fibonacci retracement level.
Conversely, if Ripple fails to penetrate these levels, we expect a fall towards $0.87 levels. We believe that $0.87 levels would attract more buyers.
So, we don't recommend any long positions in the current situation. Open long only on these two areas:
Around the strong support $0.87 OR at breakout above $1.85
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