XRP/USD - Trading Opportunities
Ripple / Dollar BITFINEX:XRPUSD
With Cryptocurrency showing signs of recovery, we can start to look at other Cryptocurrencies that are at key technical levels that might be ideal for a buy opportunity. Due to volatile market conditions, I am only seeking buy opportunities in Cryptocurrencies with a high market cap as they tend to be less volatile and have more trend structure than lower volume Cryptocurrencies. With this in mind, I found Ripple!
Let's analyze Ripple on the 1D chart and use candlestick behavior and structure to make this analysis. Today price reached a long term horizontal support zone between 0.5810 and 0.4550, which has been a support level ever since 22nd December 2017. Current levels can be looked at for further up movement. Price is trading right in the middle of the horizontal zone.
There's 2 wave Ripple's next move will take place. They are:
- Price bounces at current horizontal support zone between 0.5810 and 0.4550 and bounces to the upside to around 0.9110 (Which will also coincide with 200 major moving average resistance, before then correcting.
- Price breaks down below the currently horizontal support zone , and breaks down further to the pre December rally support zone at 0.2860. If this happens, I would not expect price to hit the upside target of 0.9110 as illustrated on my chart, but rather find resistance at where price is now, at 0.5500.
Bare in mind just because the next support zone below the current one is 0.2860, it does NOT mean it will have to go this low before the up move. The support level is just a guide to show this is the lowest level we can get before the next up move, had we break current support zone .
I will continue to update this analysis if enough people request it.
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