- Experts like Peter Brandt are asking investors to continue buying ahead of the parabolic bull momentum.
- Ripple buyers want to see XRP value above $0.4 in the near term.
The market is painted red everywhere on for a couple of days now. The retracement across the board comes as a shock to many who had believed that cryptocurrencies were in a bullish phase. In fact, some experts like Peter Brandt are asking investors to continue buying ahead of the parabolic bull momentum.
As for Ripple, the price struggling to stay above the support at $0.38. With declines of 4.33% on the day, the path of least resistance is a downside. Initial resistance lies at $0.3911 (seller congestion zone). Various technical indicators converge here, and they range from the Previous Week Low, SMA10 15-min, previous high 15-mins and SMA 5 15-mins.
It is clear that the buyers want to see XRP value above $0.4 in the near term. However, to sustain upward move, it is vital that they clear the resistance at $0.4033 currently highlighted by the 23.6% Fib retracement 1-monthly chart. Trading above this level could open the road for gains towards $0.43 but first, the buyers will have to overcome the acute resistance at $0.4235. The indicators highlighting the resistance include the Pivot Point 1-D R1, the Fibo 38.2% monthly and the 200 SMA 4-h.
On the downside, Ripple is not supported as much as it is opposed on to the upside. This means that it essential for Ripple to recover above the above resistance. In the case of declines progressing, $0.3871 will be the first to offer support. The converging indicators according to the confluence detector are the Bollinger band 4-h lower, BB 1-h Lower, BB 15-min Lower, and the Previous Low 1-day. Other key support areas tool out for include $0.390, $0.3709 and $0.3587.
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