Ripple (XRP/USD) Analysis October 12, 2017

Ripple analysis

Ripple (XRP/USD) Analysis October 12, 2017

Ripple continues to bounce around the 0.25 level during the day on Wednesday, as it now looks as if we are trying to form some type of ascending triangle on the short-term charts. A break above the 0.28 level would confirm this, sending this market looking for the 0.32 level, an area that should attract a lot of attention. Ripple has enjoyed a longer-term uptrend, and while most of the crypto currencies that we follow have been grinding sideways during the day, Ripple has the distinction of being in an actual uptrend over the last several sessions. Because of this, I believe that Ripple will be one of the leaders, and probably one of the other performers over the next several sessions. I recognize that the 0.30 level above will cause a little bit of psychological resistance, but at the end of the day it’s only another number.

 

Adding on dips

 

As we go forward, and upward, I would be adding on dips when it comes to the Ripple market. I think that it’s only a matter of time before more money comes in, and therefore it should accelerate this move sooner rather than later. I also believe that there is a “floor” at the 0.24 level underneath, and that should be where the bottom of the uptrend finds itself. If we were to break down below there, that would obviously change a lot of things but right now I don’t see that happening, as we have a reliable uptrend as well as a shorter-term uptrend line working in our favor. The 20-exponential moving average is tilling to the upside, and that of course helps short-term traders make up their mind as well. Ripple should continue to do quite well over the next several days, and I believe that we will not only reach the 0.32 handle, but go much further than that given enough time.

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