I posted a XRP/USD analysis around a week ago, and the dynamics of the trade have changed now, hence I am eager to update this idea.
At current, price is trading at 1.1290, supporting on the side-wards resistance and 20 moving average, with the 20 moving average above the 50, suggesting a legitimate bullish presence.
Price will now likely test the moving averages and use them as a new support level . Coupled with the fact we have the side-wards resistance turned support, we could see price to to upside target of 3.1730
I am expecting Ripple to recover lost ground now as the trend is having a legitimate turn.
Bare in mind, that I think Ripple is going to have an absolutely outstanding year, and I think it has the real possibility of outperforming other high market cap Cryptocurrencies.
I will update this analysis when I receive above 40 likes.
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Things are going exactly as expected for this trade, with Ripple doing exactly as I expected after the breakout of the side-wards resistance.
As per my analysis: "Price will now likely test the moving averages and use them as a new support level . Coupled with the fact we have the side-wards resistance turned support, we could see price to to upside target of 3.1730"
Let's wait for the correction to phase out and get the retest on the moving averages. This is when we will become buyers and end up in a successful trade.
@Belmi,
Ltc has extremely high probability to go lower after the sunday fork, it is extremely overbought at the moment, lots of people are going to sell it to buy other coins after the fork, some of them will also buy Ltc if it reaches a target of 172/186.
My point of view regarding it, i could be wrong of course.
Belmi
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@Giorgioversace, yes; already switched to BTC ..
TomProTrader
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@Giorgioversace, It will almost certainly test structure. Not because of fundamentals, but because this is exactly what any market does. Impulse, correction, so on.