Ripple (XRP/BTC) Technical Analysis Good Trade Opportunity?
Bitcoinik team did a technical analysis of Ripple (XRP). Ripple is the third largest cryptocurrency by marketcap. Ripple is now trading at $0.313 (at the time of publishing) and has a marketcap of $13.1 billion.
The team did a technical analysis on 4-hour timeframe. It seems that Ripple is in a downtrend. The falling wedge is not broken yet. Bitcoinik team suggests traders must wait for the breakout. The next move is may follow the lines.
Ripple market will down 7400-7600 sat which is now working as support. XRP will bounce back from the support and test the falling wedge upper line. The possibility of breakout is upside is high. The main resistance for now is 8500-8700 sats.
The market may move sideways for some time. The MACD is totally flat which is sign of bearish move. If XRP market will move according to MACD we may see a breakout on the negative. Traders must use a stop-loss with active positions. Those who are willing to take new entries will wait for the breakout of the falling wedge eiter side.
Check the Full Chart Here.
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