Technical Analysis

Ripple rebounding from cluster support, what is next?

Ripple bullish

Ripple rebounded, achieving about 5% jump after touching the sensitive support areas of 0.30 as seen on the provided H8 chart.


Actually, the 0.30-0.32 zone is still providing bulls with hope that the cap of 0.50 will be taken out one day as 0.30 continued to cause a jump in prices with every time it is been touched.

Ripple is presently flirting with the 23.6% Fibonacci of the entire downside actions started at 0.5090 to the significant low of 0.3034 while all momentum indicators show signs of oversold. With that in mind, we do believe that Ripple will be able to hit 0.35 followed by the huge testing level of 0.38.

A break of 0.38 will weaken 0.43 and 0.50 respectively over the upcoming period while coming below 0.30 will lead to 0.27, which may offer a renewed long opportunity due to a lot of technical reasons that will be explained in my next update! 

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