Ripple (XRP/USD) Analysis October 11, 2017
Ripple continues to look interesting for me, as we have recently pulled back, but we are sitting on top of significant support. The 0.24 level was resistance, and it should now be rather supportive based upon basic technical analysis. I think if we can stay above the 0.24 level, we will start to build a base, and give us the ability to build up a position slowly. I think we go to the 0.28 level after that, and then perhaps the 0.30 level. Ripple is going to follow the rest of the usual suspects, with Bitcoin being the leader. If crypto currencies in general rally, it’s likely that Ripple will as well. On top of that, I like Ripple because it is used by large institutions, and has more of utilitarian aspect to it as well.
If we were to break down below the 0.23 level, the market would collapse, reaching towards the 0.20 level underneath. This market has seen a nice uptrend as of late, but I think if we break down below the 0.23 level, that would put a lot of that in the question, and we would wipe out most of the gains almost immediately. In fact, at that point in time I would become very bearish. Longer-term though, I think that Ripple still enjoys a bright future, and although it does tend to move slower than most other crypto currencies, I believe that it is enjoying the same overall bullishness. In fact, I believe that longer-term, as some crypto currencies go by the wayside, Ripple will still be around.
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