Conclusion for today’s XRP price analysis:
Buying on a breakout above the upper boundary of resistance i.e. $1.16 represents a very conservative strategy/entry into long (buy) positions.
XRP Analysis for today covers market action from December 08, 2017 to current date, with previous analysis presented here. Price action has been in a downtrend ever since Ripple reached a price high of $3.30 on January 04, 2018.
Bearish trendline is highlighted on the chart as well as a higher level of overhead supply between $0.92 and $1.16. Support level for Ripple is present between $0.25 and $0.30, which is where price action is currently consolidating.
A close below $0.25 implies further downside in the price of Ripple. A breakout above the dotted bearish trendline is presented to help find an early entry into a long (buy) position if bullish momentum develops at support.
Buying on a breakout above the upper boundary of resistance i.e. $1.16 represents a very conservative strategy/entry point into long (buy) positions.
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