The Ripple bear trend has accelerated and the previous mentioned support zone, $0.60, failed as the sellers proved to much for the market. There are some buyers around $0.55, but the price action is lacking and I think lower prices for Ripple could be on the cards for the short term.
Like they say in wall street, “The trend is your friend”, so it would be the safest option to wait for the bearish trend to reverse itself before going long. Picking bottoms could be a rewarding past time, but I would like to remind you that going long against the bears is almost never a good idea.
In my opinion there is strong support above $0.50 and higher risk traders might be placing buys up to $0.55 with tight stop losses. However it is important to read the market and move buy orders up or down accordingly.
Personally I don’t have any plays planned for the Ripple market, but bullish action and consolidation above $0.60 this week would draw my attention.
Resistance is solid above $0.60 and it would seem that $0.55 could become the new ceiling should the bulls stay shy today.