Ripple Crypto Currency Market as concept. Financial markets and virtual currency values 3D Illustration.
Ripple price has been range-bound since the beginning of the week; recording subtle gains compared to its peers. Bitcoin, the leading crypto that tends to set the trend for altcoins, has rebounded by 8.29% since dropping below the $60,000 mark on Monday.
During the same time frame, altcoins such as Ethereum and Litecoin have surged by 4.91% and 4.77% respectively. In comparison, XRP’s rebound has been lesser at 3.60%. Unlike the aforementioned cryptocurrencies, Ripple is significantly lower than its October’s high of $1.2295. Nonetheless, the altcoin is in good shape for a breakout.
XRP is range-bound for the third consecutive session. The upper and lower borders of the horizontal channel are at 1.1055 and 1.0615 respectively.
At the time of writing, Ripple price was up by 2.65% at 1.1043. At its current level, it is hovering around the aforementioned channel’s upper border. On a two-hour chart, it is trading along the upper Bollinger band.
Based on both the technicals and fundamentals, I am bullish on the altcoin and expect it to breakout in the short term. It will likely hover around the current resistance level of 1.1055 as the bulls gather enough momentum to push it to the upper resistance level of 1.1360.
Past that level, the next target will be at 1.1550. However, this thesis will be invalidated by a move below the horizontal channel’s lower border of 1.0615.
This post was last modified on %s = human-readable time difference 07:01