Ripple Price Analysis – XRP If Supports are Respected New Heights to be reached – Ripple Prediction
In another price analysis article, we just spoke about Litecoin which is very similar to bitcoin, however Ripple is a unique digital currency in its own way.
Essentially supporting from a protocol of trading debt, it seems Ripple has always had a method of centralisation, yet still operates a blockchain with people add to the ledger. While as mentioned above it is very different to other cryptocurrencies, Ripple and its token (XRP) is trading in a very similar way like other coins right now.
Ripple Against the US Dollar
Compared to when it dramatically surged to its all time high in middle of May, now the XRP/USD pair is in a consolidator time forming very not consistent highs and lows if compared to a general trending market which follows a flow that would have consistently a tendency of creating higher highs and higher lows when moving higher or the other way around when moving lower.
For the moment it is just trading above the $0.17 supporting line while opening the week below the monthly pivot but in contrary to other crypto assets it has been proven for Ripple not to be respected as an indicator in the past.
The downside momentum that started has been slowed due to the descending trend line to be broken. Major resistance level are at: $0.182, $0.201 and $0.236 and supportive marks like: $0.15 and $0.12.
If compared to its all-time high in may, this market moves lower, however not in a traditional trending market. If a market is not trending it is either retracing or ranging, and given the huge growth we have seen I would suggest this is a retracement.
So what you can do is wait for dipping and supporting lines to get into buying. However, in the short term this market is consolidating from its current move lower, which suggests it could still have further to go.
Very highly recommended is to wait for a breakout through the major resistance of $0.201 which would form a upward flow and so higher lows will be created to to buy in and book profit in major gains.