XRP/USD Update: Pullback

Ripple is the big outperformer among the (major) cryptocurrencies. The trend breach of mid September has triggered a strong recovery move, while others have failed miserably to show any conviction. Ripple is going alone; generally this is not a recipe for success. So even though the current pullback is a normal reaction to a trend breach, it should be treated with a healthy dose of scepticism.

Prices much hold at or above the zone 0.3650<>0.3600. Only then buyers remain strong enough to force a renewed up move. Light buy-dips with fingers on the exit-long button…

  • Trend: moderately positive
  • Outlook: pullback after trend breach, positive
  • Strategy: enter-long with tight stops
  • Support: 0.3650 / 0.3600 / 0.2720-
  • Resistance: 0.4650 / 0.7055+
  • Outlook cancelled/neutralized below 0.2700

Daily chart Ripple / US Dollar (XRP/USD via Bitfinex)

18 September 2018

A first serious step towards improvement has been made. After setting a minor double base at 0.2500 buyers followed-up with a breach of the trend line of early 2018. A recovery phase has begun towards 0.3880, 0.4650 and roughly 0.7055 before major pivots come into sight. Upside potential is noteworthy so aggressive buying is justifiable if/once 0.3880 is taken out.

Maintain stops below 0.2575. Dipping below this level would be a serious sign of weakness in the current market phase.

  • Trend: neutral
  • Outlook: recovery, positive > 0.3880
  • Strategy: exit-short and prepare for long-entry
  • Support: 0.2575-
  • Resistance: 0.3880 / 0.4650 / 0.7055+
  • Outlook cancelled/neutralized below 0.2875

Daily chart Ripple / US Dollar (XRP/USD via Bitfinex)