Ripple is following suite with the other major Crypto’s, breaking out of the previous bearish trend and attempting to find a bottom here. Taking a look at Ripple versus Bitcoin on the 2 hr chart.
In the chart we can see the break away from the previous downtrend, however resistance came in to play quite early and the chart has painted a bearish pennant / flag. Important to note that no candlestick formation has a 100% success rate, so even though there is a bearish flag painted, there is still a possibility for a break to the top side.
What to look out for, like usual we will monitor the support and resistance zones and take note of the price action there. I have short term support for the Ripple market at around 0.0000635 btc and resistance for the near term is at 0.0000690 btc – 0.00007 btc.
For those traders wishing to go long on the market, I think a break and consolidation above current resistance would be the safest entry, going long here should be considered a higher risk trade. Keep an eye on the support zone for a possible bounce should the bulls want more XRP, and expect lower prices should our support fail. Safe trades.