Fall is too early: the Ripple may grow before the end of the week
Source:
The Price of Ripple is still under strong bearish pressure. Now the cryptocurrency is teetering on critical support level, a dip below could be the trigger for a pretty strong drain coins. To keep the prospects on growth, XRP should stay well above 30 cents and overcome 100 SMA moving average scale 1-hour chart.
The Overall situation looks like this:
the-
the
- the value of the asset recently approached 0,2910 dollar; the
- from the beginning of the week, the price of XRP can not penetrate a bear trendlayn formed on the 1-hour chart; the
- more confidence in the growth will add the break of the 100 SMA.
At the moment the Ripple is trading around 0,3073 dollar. For the past day, the cryptocurrency rose 2.4 percent.
theTechnical analysis
Nearly a few days XRP is slowly but surely falling out of the line 0,3178 dollar to the nearest support. Some time the coin even traded below 30 cents, putting it on the brink of a new drain. However, while buyers can keep their positions. The recent pullback after the dump even broke the 0.236 Fibonacci level, which is a good sign.
So the first serious obstacle to the growth of cryptocurrencies can be a local downtrend which now almost coincides with the 100 SMA. For more confident movement up you need to wait the closure of a pair of candles on the 1-hour chart above the moving average.
image Source — NewsBTC
Up To this point we recommend not to bid. Traders are now undecided, so the expectation of the upward movement always can dramatically changed by a sudden dump. So, the best option is crossing the level at 0.31 per dollar on good trading volumes. In this case, you can open a small long on the way to the line 35 cents.
More promising coins for the best trade can be found in our .
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