The trend yesterday was bearish, with sellers pushing the token below $0.3000, but the bull traders stood their ground at the $0.02980 support level Which was a weekly low. However, the recovery spiked the price to $0.03050 and $0.03060 resistance levels. These resistance levels were broken, however, and a new baseline resistance high of $0.03113 was set.
However, $0.3050 is still considered one of the main support numbers. The ripple price has moved to $0.03080. This is all while the coin has been making moves to break up a dynamic resistance of the 21 periods and 50 periods EMA. The periods between these two provide ample evidence that the bulls are providing a gradual increase in pressure.
Due to the EMA period pressure, the short term outlook is looking bullish, despite the currency having been dominated by bearish behavior in the last few days. Medium term, the outlook is still somewhat bearish, with demand levels punishing the higher supply levels but if there is a downside correction, a $0.3080 level and a 23% Fib retracement level following the latest wave might act as new support for a $0.2986 low and a $0.3113 high.
Bullish behavior has been rejecting further lowering of XRP by forming candles around the $0.30 level on the upside. It is notable that it is currently trading at a Fib replacement level of 76%.
The recent price surges of key coins in the marketplace such as Bitcoin, Litecoin, Ethereum, BitcoinCash, and Cardano have definitely opened an upward path for other cryptocurrencies to take advantage. Should XRP hold the $0.3050 support line, it could possibly grind itself up and over the $0.3125 resistance line meaning larger future gains on the table.
Hourly data from the MACD has placed the XRPUSD pair in heavily bullish territory. The hourly RSI levels have higher, with a sharp climb above a level of 65.
While the market has not been kind to XRP recently, the introduction of trading through Tokyo's YJFX, a Yahoo subsidiary, has increased faith in the coin and allowed a larger number of entrants into the trading market.
It is easy to get lost in the minutiae of hourly, daily and weekly forecasts and to forget the big picture. Many traders can get shaken out of their positions due to the ever changing day to day nature of currency brokers.
The fact that Ripple has created xRapid, which helped the bulls slowly win ground against the bears, and further paired this with news of partnering with the largest remittances company in the US, means that Ripple is on strong legs. They are an AGILE startup with strong fundamentals, and allowing day to day price fluctuations to feature too heavily in your trading strategy can be detrimental in the long run, where Ripple is positioning itself as the backend of worldwide remittances which is an enormous industry.
So while you can be sure to profit from a bull market in the short term, and be on the lookout for bears in the medium term – long term, Ripple is only going to get stronger.
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