- As we reported yesterday, Ripple was up for a short-term reversal
- Quick falls yesterday across the crypto board generated enough fear so weak hands let the prey go
Ripple awakens in Europe 50% over yesterday's lows
Powerful movement set up by XRP/USD during the American and Asian trading hours, sending a clear message that the value given to Cryptos is still present in the minds of investors. If Bitcoin & co enjoyed the liquidity and execution ease that other assets have, Cryptocurrencies would be the paradise of scalpers and HFT machines.
Let's get to the moment when the trend swing happened and check which were the optimal entry prices. As we can see in the Ripple 15-minute chart, once the trend accelerated the price quickly found a new trend, generating a certain level of congestion that the best trading hands quickly profited.
XRP/USD 15-min chart
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It's too early to say that bulls have won this battle, as Ripple is still facing in the next 4-hour period a major trendline coming from all-time highs. As we'll explain below, the indicators are set up in a way that signals a difficult level to cross there. But our Ripple price prediction is still bullish. That kind of situation should generate another buying opportunity to the traders trusting the 50% bounce in the last 12 hours, definitely a signal one should trust. Moreover, that level should be around $1.39, matching the 23.6% Fibonacci retracement of the whole previous bearish run.
Once this last resistance is broken, our projection is that the next target should be at $1.80, the 38.2% Fibonacci retracement level.
On the way down, first support is at $1.17, a level that shouldn't be drilled in any case.
XRP/USD 4h chart
-636518646638433179.png)
MACD crossed up the signal trendline coming from lows and still has room to grow until reaching its first natural resistance in the 0 level.
Directional Movement Index shows buyers still below sellers, which supports the scenario where XRP/USD takes its time in the current price levels before it continues its bullish run.
It looks probable that more Cryptocurrencies follow the Ripple rebound in the next hours, as BCH/USD or King Bitcoin have already started doing. Our forecast is that the next few days could close weeks of pessimism in the Crypto markets.
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