Ripple (XRP) began its downtrend a few weeks ago, but now after the symmetrical triangle was broken, the downside could be accentuated by bringing this crypto in a given area. The XRP / USD pair is characterized by a certain instability that does not allow the price to resume its upward trend.
Ripple: technical comment
Yesterday, March 15, Ripple (XRP) was traded for around 0.68 dollar cents, then tested the highest area at 0.72 and then retrace completely and bring the price up in the 0.0.62 area, to close in retracement to 0.68 dollars cents.
The resistances to keep under observation are: 0.88 and subsequently 1.40 dollars, while for the supports: 0.60 and 0.20 cents of dollars. The moving averages at 100 and 200 periods are currently flat and are respectively around 0.97 and 0.78 dollars cents.
For those wishing to buy XRP
Enter when the price breaks and closes above the dynamic support in the area 0.8 US dollars, with stop loss at 0.60 and take profit at 1 dollar.
For those who currently hold Ripple
Begin to liquidate the bullish position if the price were to break down static support in the 0.60 dollar cents area.
For those who want to sell Ripple
Possible bearish admissions only to the breakdown of static support in the 0.60 dollar cents area, with a stop loss at 0.80 and the first target in 0.20 dollar cents area.
Graphic source: Ripple / Dollar