Bullish Trend Reversal
Reading the chart below, one can see that Ripple (XRP) had been in a bearish trend shortly after reaching highs of .4103 BTC in mid-May. From there, the currency quickly found it’s way to a new support level of .1198 BTC.
After recovering from this interim support, a new bottom level in XRP was established. As is seen in many smaller cryptocurrencies, XRP snapped higher to .2993 BTC in just two weeks; at which time a gradual fade of the trend reversal had been underway.
From early-mid June through mid-July, XRP had been trading back and forth over the 50% Fibonacci level; showing no clear direction during this time frame. However, mid-July saw XRP turn lower to re-test the previous support level of .1198 BTC.
After a successful retest, XRP found support and a quick trend reversal has been underway ever since. Currently, XRP has recovered to the .1996 BTC level where it appears to be continuing a move back to the 50% level (.265 BTC).
Take a look at the chart below:
XRP now has new targets to the upside to resume an overall bullish trend.
The yellow lines on the right of chart give clear points of resistance XRP will need to take out in order to continue it’s march back to the 50% level of .265 BTC.
These levels are:
- .215 BTC
- .240 BTC
- .263 BTC
Once clearing these resistance levels, XRP should have good visibility to .320 BTC which is the last resistance level to the previous all-time high. With the support established and now in place, and a retest of the bottom confirmed… XRP appears to be poised to move higher independent of other cryptocurrencies.
Check back with us later for more analysis on various Cryptocurrencies…
In coin we trust,