Ripple has seen some small gains against BTC, while the market keeps on devaluing against Bitcoin. There is some open interest in the market as we have seen some good buying pressure on the short term since the start of August, however it is important to note that Ripple is still in a strong BEARISH trend against BTC, longer term speaking. Lets take a look at the XRPBTC 1 Day candle charts.
We can see the clear shift in momentum shown by the indicator, some great volatility on the market since the end of July. The MA20 is trying to act as a support here, and I would keep an eye on the price action to see if the market consolidates above it.
Be mindful that we are still in a longer term bearish trend and most long trades against Bitcoin should be considered higher risk, at this point in time. There could be some gains on the table for the nimble trader, looking to play a quick bounce here. This is most likely to occur above 0.00005 btc, still high risk trading in my opinion.
Some traders will certainly look to short again should the bulls fail to keep up the pressure, and the short term support zone, which is around, 0.000048 btc.
For those looking to go long on the market, safer entries will be found after consolidation above the longer term bearish trend. Resistance in my opinion is at, 0.000055 btc, look to this zone for the eventual breakout against Bitcoin. Safe trades.