Is 1.05 the Ultimate Support for Ripple Coin Now? Bullish Reversing Pattern in XRP/USD
Ripple coin has bounced off the $.05 support once again and looking bullish now
Ripple coin wasn’t looking particularly bullish during this year, which I suppose was coming from the legal battle with the SEC (Securities and Exchange Commission). The surge stopped in April, while a number of other cryptocurrencies kept surging higher until May and after the first crash that month, Ripple continued the decline, falling to $0.50 almost in June.
That level held as support again in July, while the highs were getting lower, with buyers nowhere to be seen. But, the reversal in the crypto market came and the sentiment turned positive for Ripple coin as well. XRP/USD reversed higher as well. It made some decent gains in July, but the 200 daily SMA (purple) was providing resistance for some time around $0.78.
Ripple coin has bounced to $1.15 from the support at $1.05
That moving average was broken in August and Ripple coin surged to around $1.35 by the middle of August, depending on the crypto broker. Although, we haven’t seen Ripple make new highs since then. We saw a pullback right after that high, but the pullback stopped at the area surrounding the $1.05 level.
Yesterday we saw XRP/USD retest that area again, but the price has reversed higher now after jumping off that support zone. So, it seems like $1.05 has turned into the ultimate support level for this cryptocurrency and a good place to buy Ripple. We are already long from a couple of months ago on Ripple coin, so we’re not opening any more signals, but that was a good chance to buy for those who are out.
Ripple Live Chart
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