XRPUSD - The rise from the grave for Ripple?
Updated
XRP has bounced nicely off both of the demand zones below and positive news out this week has spurred more upside. After today's drop in BTC, Ripple is right back to where we started the day....at resistance.
Both the RSI and MACD are looking a little high so would like to see those cool off a little before feeling confident on entering a long position. As such, a safer play would be to break past the supply zone above and enter a long position on a retest and hold of this area. An S/R flip could provide the support needed to propel XRP back up to the previous support level we broke down from early August. We could still see a move back down to the 61.8%FIB level, which has provided support multiple times in the past and has proven to be strong as even a large drop in BTC earlier today didn't break it.
Still, caution should be taken entering any position until some direction or trend can be established in BTC.
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Both the RSI and MACD are looking a little high so would like to see those cool off a little before feeling confident on entering a long position. As such, a safer play would be to break past the supply zone above and enter a long position on a retest and hold of this area. An S/R flip could provide the support needed to propel XRP back up to the previous support level we broke down from early August. We could still see a move back down to the 61.8%FIB level, which has provided support multiple times in the past and has proven to be strong as even a large drop in BTC earlier today didn't break it.
Still, caution should be taken entering any position until some direction or trend can be established in BTC.
Please hit the 'like' button and give us a follow!
Let me know what you think below!
Thanks
Note
As mentioned yesterday, XRP did end up smashing through the supply zone above but hasn't yet retested the breakout area. For those who were in before the break, congrats! We are almost halfway to our target zone and another spot to add if BTC continues sideways would be a test and hold of the 38.2%FIB level for a continued move higher to the next one. As long as Bitcoin doesn't make any volatile movements in either direction it should be smooth sailing for altcoins for the moment.
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