Where Is Ripple Price Headed Next?

  • by Ihab Maximous
  • May 30, 2019, 15:51 AM
  • 127 Views
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After the rapid movements of Ripple over the previous few days, it is quite important to analyze the digital currency to predict its price in the coming days.

Ripple jumped nearly 50 percent in the last 20 days, rising from $0.3000 levels until $0.4500 today, and is on the threshold of strong resistance which if breached, could send the price strongly higher.

Ripple-Outlook-Ofeed.png

As can be seen from the previous chart, Ripple is showing volatile movements as the XRPUSD pair, after suffering, managed to breach the triangle (in blue) on May 15 to face the upper limit of the larger triangle (in black) at 0.4500 - 0.5000 levels.

It is reasonable to claim that penetrating the upper resistance line of the previously mentioned Triangle will not be easy since the price has been moving inside this triangle for nearly one and a half years.

If we look at the RSI, it also headed towards resistance at the level 70, which indicates the Ripple is overbought and the drop probability is higher.

Therefore, it is not preferable buy Ripple unless it breaks the larger triangle and stabilizes above it, yet it is not advisable to sell now without the existence of price behavior appropriate on the weekly timeframe.

Ihab Maximous

A stock market expert and technical analyst based on Elliott waves. He is the first to receive a certified Elliott wave Analyst certificate from Elliot Wave International website, a member of the American Association of Capital Market Experts. He is a member of the Egyptian Association of Analytical Analysts.

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