Decision Time for Ripple at the 50 SMA
Ripple XRP retreated down last week, as did most cryptocurrencies. it got pretty close to the next major level at $2 the previous week, but the comments from US authorities on a cryptocurrency tax turned the sentiment bearish in the crypto market and XRP/USD tumbled lower to 0.99 last night, giving back nearly half of all time gains in about a week.
But, it seems like the tough times might be over for RIPPLE and for cryptocurrencies in general, as we are seeing a decent bullish reversal today. The 200 SMA (purple) held as support earlier today and buyers came in after that.
The price has bounced around $0.25 higher now, which means a 25% increase in value, so the immense volatility continues in the cryptocurrency market. Ripple broke above the 20 SMA (gray) without much hassle and now it is trying to break the 50 SMA (yellow) on the H4 chart. We are long on Ripple below 1.30, so we are hoping that the bullish momentum takes the price above the 50 SMA soon, otherwise we might see another retreat down to the 200 SMA. We have a long term Ripple analysis on our forecast page.
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