Ripple Coin Is Headed for Two Support Levels. Get Ready to Buy - Forex News by FX Leaders

Ripple Coin Is Headed for Two Support Levels. Get Ready to Buy

Posted Wednesday, October 18, 2017 by
Skerdian Meta • 1 min read

Ripple Coin (XRP) has been trading in an uptrend since late September. I got in on the long side early this month as you can see from the two interrupted green lines with two small positions.

Ripple surged more than seven cents in the first half of this month and after a consolidation period it climbed higher again breaking above 0.29 yesterday.

Although, we didn’t stay too long up there and soon reversed back down. Today we are seven cents lower. The stochastic indicator on the daily chart is almost oversold which means that the daily chart is almost oversold, but there’s still some room left on the downside.

This means that the slide might continue today as well, but the lower we get the more difficult it becomes for bears to keep pushing. Although, there are some levels below which might attract the sellers.

The 50 SMA (yellow) is providing some sort of support now

These levels are 0.20 and 0.1750. The first level at 0.20 is where I got in long. It is a big round number and we can find the 100 simple moving average (green). The second level at 0.1750 is where the 100 smooth moving average stands. It has provided solid support in the last few months so the chances are that it will do the same again.

So, I’m looking at these two levels to add to my long position. We’re still a bit far, but Ripple Coin is extremely volatile and we can reach them in just a few sessions, so be ready.     

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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