Ripple price initially fell on Monday, but found support near the $0.21 level to bounce. It looks as if the buyers are finding a bit of support in this general vicinity, and I think that will continue to be the case.
The market looks likely to go higher and test the $0.23 level, which should be resistant. Ultimately, I think that the market will eventually break above there and head to the $0.25 level. However, there is a lot of volatility in the crypto currency markets lately, mainly due to government interference in China.
I believe that although it is focused on Bitcoin, most of the time when those things happen there is a bit of a knock-on effect in various other crypto currencies. Ripple of course won’t be any different, so be aware of this.
I believe that there is massive longer-term support at the $0.20 level, and I think that’s essentially the “floor” in the market. Because of this, I think it’s only a matter of time before we see buyers come in on every dip, and then eventually break this market out to the upside. I think that the crypto currency markets in general are moving as one, although some do tend to outperform others.
Right now, I think Ripple will continue to do fairly well, and therefore it is a market that you can build a position in. With this being the case, I like buying dips, but I also like buying breakouts to the upside. Quite frankly, this is a market that I think you can hang onto for a while, as it seems to be relatively resilient in comparison to other crypto currencies as of late.
Selling is all but impossible, at least until we break down below the $0.20 handle, which I don’t think is going to happen in the short-term.