 | THIS IS NOT FINANCIAL ADVICE. DYOR. Everyone know what happened yesterday: Judge Torres granted summary judgement in favor of Ripple Labs and the price started exploding. However, as more time is passing, it's looking ever more likely it won't break $1 anytime soon. Ripple's coin is currently in an ascending triangle formation, of which it briefly broke the upper resistance of yesterday and hit 92 cents before dipping back into the ascending triangle. On today's candle, the coin glanced the upper resistance of the ascending triangle at 82 cents before being pushed back onto the 0.236 Fibonacci support level at 78 cents. This support level hasn't been tested anytime in recent history, so I have doubts that it'd support the coin at 78 cents for very long. When taking into consideration just how far down the 50 day and 100 day moving averages are, there doesn't appear to be too much serious support for it at this price range, so there's likely to be a higher than average amount of volatility over the next couple weeks. If the chart drops through the 78 cent support level, the next key area of resistance would be 69 cents, which happens to be a combination of the .382 Fibonacci support and an area that typically found a lot of support during the end of the last bull market when the coin was within these lower ranges. If it continues climbing, it's likely to keep getting buffered by the upper resistance of the triangle, so it'd have to follow along right under the slope of the upper resistance if it has enough buyers over time to keep gradually pushing it up. In the absence of anymore positive news however, 92 cents is probably going to remain the peak for a good while. This is my first analytical post so I'd appreciate any feedback. [link] [comments] |
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