RIPPLE (XRP/USD) Possibly "Double Bottom"
Updated
Currently, Ripple' trades between the $0.25 and $0.3 levels. The Short-term price structure is still lower highs and lower lows but the chart shows us that it slowly starts to slow down after the drop from $0.35. A first possible support is the August low/the 2018 low and the round number area $0.25. If it finds support from this area then we have also a bullish chart pattern called "Double bottom" and currently looks like the channel guide us into this area.
To enter the market from the mentioned area we have to watch what Bitcoin' do, if it also shows us some positive signs then definitely this is a place where Ripple' may bounce upwards.
Upwards target would be the trendline which is pulled from 04.07.18 wick. This trendline starts to work as a resistance and if we get a candle close above the trendline and above the round number $0.3, then we have an almost free ride to the $0.35 or $0.4, depends how healthy the market is.
To confirm bearishness then if we get a candle close (at least four-hour) below the August low which matching almost exactly with round number $0.25 then this is our confirmation and we can be almost certain that XRP' could drop as low as $0.2. There is the rally month low (December low), historically nothing more and the psychological number. The rally month low - last year December rally started from this area! So, if we drop below the $0.25 next stop would be around $0.2.
Hopefully, those level and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
To enter the market from the mentioned area we have to watch what Bitcoin' do, if it also shows us some positive signs then definitely this is a place where Ripple' may bounce upwards.
Upwards target would be the trendline which is pulled from 04.07.18 wick. This trendline starts to work as a resistance and if we get a candle close above the trendline and above the round number $0.3, then we have an almost free ride to the $0.35 or $0.4, depends how healthy the market is.
To confirm bearishness then if we get a candle close (at least four-hour) below the August low which matching almost exactly with round number $0.25 then this is our confirmation and we can be almost certain that XRP' could drop as low as $0.2. There is the rally month low (December low), historically nothing more and the psychological number. The rally month low - last year December rally started from this area! So, if we drop below the $0.25 next stop would be around $0.2.
Hopefully, those level and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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