Ripple in a consolidation phase. When the coin will start to grow?
Source:
October is over and with it ended «the era of market wins» Ripple. After several sharp price swings cryptocurrency trading found your channel and can't seem to leave. Now the price of the asset goes to the narrow gap. To start the medium-term uptrend needs to break above 52 cents.
The Overall situation looks like this:
the-
the
- after the last drain XRP rebounded slightly, but buyers still can not pass through the line 52 cents; the
- scale 1-hour chart has formed a short term uptrend line with support in the area of 50 cents; the
- in the next few days of trading, the pair may continue to consolidate over the next support level.
At the moment the Ripple is trading around 0,509 dollar. In the past 24 hours, the cryptocurrency has lost almost 1.4 percent of its value. The volume of daily trades exceeds $ 475 million.
theTechnical analysis
For markup purposes the approximate price of XRP is enough to draw a Fibonacci line from the recent sharp fall in asset. In this situation, it is the previous price movement down from 0,561 to 0,486 dollar. Now the 0.5 Fibonacci is a good support. In addition, XRP could conceivably be reduced to 100 SMA before further growth.
Note that to open long or short positions in the cryptocurrency yet. The bullish scenario remains in force until such time as Aldon holding above 50 cents. Overcoming local resistance in the area of 52 cents, you can hope for an increase up to 75 cents. Otherwise, the asset will fall to 46 cents.
image Source — NewsBTC
Technical indicators, unfortunately, talking about the downward price movement. MACD is in a bearish zone, and RSI is slightly below average.
Want to know how to trade altline? Visit our where are real experts in this matter.
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