Ripple price initially fell on Thursday, but found enough support at the 0.22 level to turn around and rally. By doing so, it shows that there is still a significant amount of bullish pressure underneath, and that we will eventually break out to the upside.
Once we clear the 0.2350 level, it’s likely that we will go looking for 0.2550 again. Recently, we had formed a large “W pattern” on the hourly chart over the course of a couple of sessions, and it now looks as if the buying pressure is starting to pick up again.
Because of this, I expect to see a breakout soon, but also look at dips as an opportunity to pick up Ripple “on the cheap.”
Support just below
I believe that in the short term, the 0.22 level should be supportive, and unless we get another shock to the system of crypto currencies again, it’s likely that we will not break down below there. Even if we did, I believe that the 0.21 handle underneath there is also supportive, so I have no interest in shorting.
Longer-term, I believe that Ripple will continue to reach towards the 0.2650 level, which was the high on August 31. I do expect volatility, but I think that the overall buying attitude has returned to the crypto currency markets, at least until we get the next shock. In the meantime, these dips have all been opportunities to pick up value, and I think that will continue to be the case in the near future.
With this, I expect Ripple to continue to grind its way higher, and therefore make it an attractive way to build up a crypto currency position. If we can break above the 0.27 level, the market is probably going to go looking for the psychologically significant 0.30 level.