Ripple (XRP) has been one of the most unpredictable names in the cryptocurrency markets. The past few days have been full of FUD and while existing traders are holding on to their currency, new traders are keeping a safe distance. While it appeared that Ripple was moving on a downward trend over the past week – there’s a good chance that it might rebound now.
The currency was earlier anticipated to plummet to as low as $0.2 if the trend continued. However, Ripple has had enough support over the past two days and it now appears that Ripple is about to break out. Additionally, a head and shoulders pattern has now formed in the graph – which is another indicator that the currency is about to break out and perform better.
As per market analysts at tradingview, if market conditions remain constant, Ripple price might break out and reach a high of $2.7 in the days to follow. It has been observed that when on a Bullish trend, Ripple doesn’t follow the movements of Bitcoin’s growth. A similar bullish trend is expected – taking the price to as high as $2.7.
Moreover, if this bullish trend continues beyond the $2.7 mark and crosses the resistance, it is likely to take the prices beyond $3. The dark green line on the graph above is the first line of resistance that Ripple is expected to break out of. However, from where Ripple stands now to the $2.7 mark – there are multiple lines of resistance that the cryptocurrency needs to combat.
The point labelled (E) in the graph is a critical point as that is where the bulls have entered the market. Following that drop, Ripple has shown a near-consistent growth. Those trading in Ripple must set multiple targets, the $1.8 and $2.3 mark are among the safest. Moreover, a stop-loss is also critical, which should ideally be set at the $0.9 mark.
Disclaimer: Neither the management nor the authors at Coinlus are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.