Well, as soon as Bitcoin broke the long term support of $6000 and broke the market structure, every single Alt coin has tumbled with it expect for one: XRP.
XRP has shown its strength as soon as Bitcoin entered into Bearish phase. At least, XRP is Bullish on its Bitcoin comparative.
Let's have a look at the chart to assume all of its possible scenarios:
As we can see in the chart, XRP is on a complete uptrend. This uptrend got strong with the starting of Bitcoin's Bearish run. Now, we have retraced a bit but the overall uptrend is intact.
- Currently, XRP has retraced to 0.382 FIB level around 9200 satoshi. This is generally a good support and if XRP holds this support and rise above it, the next possible target would be 10,500 satoshi itself.
- If XRP comes down from its current price, the first level of support would be 8800 satoshi which is a 0.5 FIB level as well as a good support in the past.
- Although, MACD is showing some weakness in the XRP uptrend and we might expect a retracement to 8800 satoshi.
- RSI levels are heading towards oversold level which could signal a Bullish bounce.
So, there's a high probability of XRP to go Bullish than Bearish as it hasn't broken 0.382 FIB level yet and also the uptrend continues.
So, trade accordingly and use stop loss.
Thanks for reading ..!