Ripple recorded some gains against bitcoin the last few days, however we are still in a MAJOR bearish trend vs Bitcoin, lets take a look at the 1 Day candle chart.
There is a possible bottom forming in the market, but I would like to point out that we hit significant resistance on the 20 MA, and there will be a correction in the market before it gets tested again.
On the longer term we can see this is clearly still bearish and any trades taken here should be considered high risk. Resistance is currently strong around the 20 MA at 0.00006 btc , and the bulls will have to do a lot of work as the real resistance is camped out around 0.00007 btc.
Support is currently weighing in at around 0.000054 btc, and I might consider a short on the market should this level fail. Lets be patient and see if the XRP bulls got what it takes to break the next support level, in which case there could be a long to play.
I imagine gains vs the US Dollar will be minimum, but lets take a look at the charts.
So we have a possible bottom forming, as well as a possible bear flag, we can see that the price is being rejected by the 20 MA, usually not the best sign.
I would put support around $0.40 – $0.42, and considering a possible short on the should it fail with good price action. Resistance is currently between $0.46 – $0.50, and would consider a possible long on the market should price break above here.
Lets be patient and see what the market does next, feel free to join our Discord community to discuss crypto trading. Safe trades.