XRP Analysis 3/3/18: Can We Find Long Term Support For Ripple?

beyondthehodl (28)in #xrp • 7 years ago (edited)

I have been wanting to write a post for #XRP for quite some time, as it is probably my favorite crypto due to my belief of it being the crypto with the most promising technology and business model to outlast any FUD or potential “bursting of the crypto bubble”.

With the great news that have come out recently of Xrapid finally being used by some financial services companies as means of cheaply and quickly transferring cross border payments, I think it’s fair to make an assessment using my technical analysis strategy and see what good and solid levels we can find for Ripple that can potentially cause the market to resume its uptrend for the rest of the year.

Back in early February, I made a post in which I explained I had bought XRP at $.6090 which happened to be a little under 4 cents shy of the low! One of the biggest reasons for buying was also due to me believing we had also seen a low in #BTC. As you can see in the picture below since then we had hit Targets 1 through 3 which were: $.90, $1.05, $1.20 but were not able to hit my 4th target of $1.40 unlike in bitcoin. We tried breaking Target 3 twice but failed and that has led to the decrease in price. Since then I had been waiting for the proper signals to allow me to get back in the market.

With the potential of #BTC breaking beyond one of my long term resistance levels at $12,300, it comes to no surprise that there is also a potential for me to start buying #Ripple. For me to consider more entries, I would like to see support between the two levels in the picture below. This zone between $.8100 or $.7150 should be the immediate support to look at. If a level inside the zone is hit then we will have to re-evaluate to see if we do indeed see some bullish price movements that would confirm higher prices. If we do indeed see some good signals from that level then our targets would be as followed:

Target 1: $.9800
Target 2: $1.060
Target 3: $1.255

After these targets are hit I would like to see some levels of resistance broken to confirm a long term trend but we will evaluate that once we have seen our support.