RIPPLE (XRP/USD) - Possible Short-Term Bounce Area!
Updated
After that massive rally upwards, Ripple makes a throwback (move downwards). Currently, it is on the strong support level where are the multiple monthly support and resistance levels at $0.45-$0.47 plus 50 EMA starts to work as a support level but we think it will come down even more and the first big stop/bounce would be around $0.4.
The bounce criteria:
1. The major down-trendline retest area which starts to work as a support
2. Round number $0.4
3. Different timeframe EMA's start to work as a support
4. From the peak 50% down (the history will show that, if the coin comes down from the current peak around 50% then it cot a bounce upwards - short term - but if the market starts to show some positive signs then it would be the reversal point).
So, if the market doesn't drop like a stone then this level should be the spot where you can make some short-term profitable trades or investments.
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
The bounce criteria:
1. The major down-trendline retest area which starts to work as a support
2. Round number $0.4
3. Different timeframe EMA's start to work as a support
4. From the peak 50% down (the history will show that, if the coin comes down from the current peak around 50% then it cot a bounce upwards - short term - but if the market starts to show some positive signs then it would be the reversal point).
So, if the market doesn't drop like a stone then this level should be the spot where you can make some short-term profitable trades or investments.
Hopefully, those levels and this analysis helped You out a little bit to confirm your own analysis!
If You want to get deeper analysis and crypto-news then please visit our site, the link is on the profile!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Note
Looks like we break that strong support level and we are heading into the possible reversal area! In the reversal area, we have to watch lower timeframes and we need to catch some bullish price action criteria like a bullish candlestick pattern or a bullish chart pattern and etc.We try to keep You posted!
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