Ripple has produced a double top near 22k satoshi and corrected down, to 10k satoshis area where it found the support. The support is at 61.8% Fibonacci retracement level, where price spiked below but failed to break it with confidence.
Currently, XRP/BTC is forming a triangle pattern, which could lean in the uptrend continuation. Although the consolidation could be extended, while price will remain within the triangle.
Break and close above the downtrend trendline should confirm bullish intentions of the Ripple, sending the price up to 30k satoshis area, at 127.2% Fibonacci retracement level.
On a downside, break and close below the uptrend trendline might result in a wave down towards 76.4% Fibs, at 6.3k satoshis, where buying opportunity could be even more attractive.
Source: Read Full Article
Leave a Reply
You must be logged in to post a comment.