Ripple course "goes through the roof": How can the XRP course still increase?
Lately, the ripple price has risen by over 80 percent. Thus, the XRP course again reached heights of the plateau of July - but also encounters important resistance.
Crypto still has it: A rally drove the ripple price within three days from 0.27 US dollars to 0.50 US dollars. That's a jump of more than 80 percent. There are already a detailed commentary on the reasons. The main reason is the statement on the part of Ripple that xRapid should start much earlier than expected. The product xRapid, which is intended to facilitate payment transactions between banks, requires Ripple's own cryptocurrency XRP.
What about the technical chart? In short: It looks pretty good.
The ripple course was able to climb back to the level he had in July. With the minima of 14th August and 14th September, a double-bottom developed. The bullish divergence between the price and MACD or RSI confirmed this development.
The MACD is currently positive and rising. The RSI is in overbought territory, so we expect a slight consolidation. Nevertheless, the overall assessment is bullish. Currently, a long position with an entry level of $ 0.48 and a tight stop-loss at plateau level in July is about $ 0.45. On the one hand, the EMA200, currently priced at $ 0.50, offers as its target the resistance at $ 0.56. If the price falls below the stop loss, you should not switch to a short position too fast, but watch as the news progresses, if there is any negative news about the xRapid announcement. It's also worth waiting for bearish signals from the MACD and RSI to use the two supports as targets.
Ripple course to the moon? Not so fast..
Is XRP already ready for the moon trip? XRP Permabulls are looking forward to a whopping $ 589 per XRP. A few months ago, we analyzed whether $ 100 is likely and friends of XRP are critical of this daring forecast.
Aside from that, the MACD is positive, but the RSI is overbought. Likewise, the course met on September 20 on the EMA200 and bounced off. Currently, the EMA200 is roughly at the level of the frequently discussed MA20 weekly chart:
Here, as in the case of Bitcoin, talking about a bull market only makes sense after a sustained rise above the MA20. With excessive expectations you should therefore, as always, not go into the market, but instead use prudent opportunities, target and in all the euphoria not forget the stop losses.