Ripple, XRPUSD, CryptoCompare chart

XRPUSD Medium-term Trend: Ranging

Supply Levels:  $0.52, $0.51, $0.50                                      

Demand levels: $0.46, $0.47, $0.48

Yesterday, the Ripple price was range bound, fluctuating between the resistance level at $0.54 and the support level at $0.46. As predicted, the bulls have control of the market and have broken the resistance level. Looking at the weekly chart, as mentioned earlier, when you are in a range bound strategy, you should remember your stop loss and take profit.

This is because of sudden breakout that can occur any time. Today the breakout broke the resistance level.  Let’s assume you took a short trade at the resistance and omitted to put a stop loss and take profit. This breakout would have made you lose your capital. However, Ripple is currently trading at $0.57 and is expected to reach the high of $0.65.

XRPUSD Short-term Trend: Ranging

Ripple, XRPUSD, CryptoCompare chart

In the daily chart, the price broke the resistance level after many days of range bound movement. Meanwhile, the RSI period 14 is level 71, which indicates that the market is overbought, suggesting bears are taking control of the market.        

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