Ripple went sideways initially on Friday, but as the Americans took over, we started to fall. We reached towards the $0.21 level, where we have seen a little bit of support in the past.
I think that if we can break down below there, the market probably goes down to the $0.20 level, and even the $0.19 level. Alternately, I would anticipate some type of support underneath, and perhaps a bounce. The longer-term chart for Ripple looks very healthy, and this pullback could be a nice buying opportunity.
Ultimately, this is a market that I think will go looking towards the $0.26 level again, but we may need to build up momentum in the meantime. I believe that there will be plenty of value hunters underneath, so this pullback should be thought of as an opportunity to pick up a bit of Ripple.
Looking for opportunity
I look at this market is one that offers a lot of opportunity, as Ripple has been one of the favorites for some time, this pullback gives value in a market that has been reliable, and I believe that it’s only a matter of time before the buyers come back in. With this in mind, I’m willing to add incrementally in a bit of “dollar cost averaging” as stock traders do.
Buying on the cheap will be the best way, as eventually we will see crypto currencies move in concert as they typically do. Friday may be more about churning, but that’s okay, we need these slow days to have traders come in and express their bullish position. Eventually, the volume picks up and we go higher.
That’s exactly what I expect to see in this market, and I believe that the tight range that we have seen recently means that we are simply trying to form a base for the next break out.