Ripple VS Bitcoin to continue rising
|Ripple has found the bottom at 6900 satoshis and begun to produce higher highs and higher lows. Price has broke the 50 Moving Average first, where then it found the support which has been rejected. Then it broke above the descending channel suggesting the beginning of an uptrend, or at least a correctional move up.
It is possible that XRP/BTC will correct down first before going higher, but overall trend now seems to be bullish. The first target is at 38.2% Fibonacci retracement, that is at 10k satoshis area. Second and key resistance is at 61.8% Fibonacci, that is 11k satoshis area. Break above the 61.8% Fibs should confirm long term bullish trend, while the rejection could result in yet another wave down.
On the downside, price could test the uptrend trendline first, but only break and close below 6900 satoshis might invalidate bullish outlook.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.