Last week the price of ripple decided to wake up and take everyone for a little ride. After doing so it topped out quickly at a prior resistance and now has pulled back to flirt with prior support levels after falling through them briefly.
Is Ripple Worth Buying?
Mind you this is strictly a technical analysis view, whether you believe in the usefulness of ripple is a complete different topic.
Looking at the chart and recent price action this is what I see….
Spike in Volume With a Blow Off
If you look at the volume bars at the bottom of the chart you will see there was an uptick for the two or three days that price spiked higher. And spike is what it did topping out just shy of that 33 cent resistance level before pulling back.
Good news/Bad news of Pullback
So the good news is price pulled back on decreasing volume which is always a welcomed sign. The bad news is price pushed below the support area of 28 cents or so.
Where we stand now…
After a few down days we are seeing a green reversal candle and price is fighting with that 28 cent support area. It would be best if price closed above 28 cents, which would also create a bullish u-turn pattern for the price of ripple.
Bullish u-turn patterns are something I cover in these cryptocurrency trading videos.
If I were to get long, which I’m not saying I am…then the low of today’s candle is my stop loss. Upside target is that 33 cents to start with.