Bullrun here: when Ripple will increase to one dollar?
Source:
October has ended, but the holders ripple's still celebrating — altcon rose again. It seems that the cryptocurrency is repeating this pattern and starts a price rally in the first days of the month. As before, there is now a high probability of rollback, so to open long positions need with extreme caution.
Overall, the situation looks as follows:
the-
the
- XRP price sharply broke through the resistance area 0.50 dollars and rushed up; the
- for the 1-hour chart has formed an uptrend support line 0.50 dollar; the
- asset, it seems, has successfully established itself at the current price level. Rollback prices are unlikely to extend below 0.49 for a dollar.
At the moment the Ripple is trading around 0.52 dollar. In comparison with yesterday, the cryptocurrency has grown by 10 percent.
theTechnical analysis
Recall, we recently that the price level in the area of 45 cents remains very attractive for buyers of XRP. This view was confirmed, the line has served as a good launching pad for new local bullrun cryptocurrencies. She has broken up 0.47 per dollar and 100 SMA on H1 chart.
At the moment the asset is completely dominated by the bulls. After explosive growth began the rollback phase, however, the movement is unlikely to extend below 0.50 dollars. Around this area is also 0.5 Fibonacci level, so it remains a good place to purchase XRP before the new wave of growth.
image Source — NewsBTC
While technical indicators are playing into the hands of buyers. MACD is in bullish zone but RSI is approaching the overbought level. If a rollback happens, we recommend opening a long position at 50 cents with a stop loss just below (around 45 cents). At the moment the next goal to fix the profit in the medium term is line 75 cents.
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