RIPPLE (XRP/USD) Possible Scenarios & Possible Targets!
At the moment, Ripple' is one of the most discussed altcoins, it has made very good and profitable rallies.
Currently, we could see that we trade between the two levels, the May low which works as a support at $0.544 and the round number at $0.6 which works as a resistance.
Yesterday, we got a bounce upwards from the May low and it forms a bit sloppy bullish candlestick pattern called "Morning Star". The momentum pushed quickly down and the price stayed stable. This throwback (movement downwards) gave us an opportunity to draw a trendline from the Sept. 25 low point.
To confirm a bearish price action then a candle close below the mentioned trendline and below the minor trendline which is smoother, will indicate that we will see a little throwback. As you see on the chart, there is a harmonic chart pattern called "Cypher" and the cypher shows that the possible target (if we start to move down) is around $0.475, between the March low point and the $0.5!
To confirm bullishness, firstly, we have to take down the resistance at $0.6. One attempt was successful but this was a fake-out, the bears brought the price quickly back below the $0.6 and the attempt was failed. If bulls win this battle and Ripple' manage to break above the round number then the possible next target could be around $0.7 because between the breakout and the target zone is nothing remarkable which will harden the price movement.
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 the latest 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!
Currently, we could see that we trade between the two levels, the May low which works as a support at $0.544 and the round number at $0.6 which works as a resistance.
Yesterday, we got a bounce upwards from the May low and it forms a bit sloppy bullish candlestick pattern called "Morning Star". The momentum pushed quickly down and the price stayed stable. This throwback (movement downwards) gave us an opportunity to draw a trendline from the Sept. 25 low point.
To confirm a bearish price action then a candle close below the mentioned trendline and below the minor trendline which is smoother, will indicate that we will see a little throwback. As you see on the chart, there is a harmonic chart pattern called "Cypher" and the cypher shows that the possible target (if we start to move down) is around $0.475, between the March low point and the $0.5!
To confirm bullishness, firstly, we have to take down the resistance at $0.6. One attempt was successful but this was a fake-out, the bears brought the price quickly back below the $0.6 and the attempt was failed. If bulls win this battle and Ripple' manage to break above the round number then the possible next target could be around $0.7 because between the breakout and the target zone is nothing remarkable which will harden the price movement.
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 the latest 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!
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