Short lead: Ripple is to enter the uptrend periodRipple is following the path of many other altcoins and seems to be slowly rising. The hopes of traders are reviving, and they see the current period as the perfect trading opportunity. Why should you consider investing in Ripple right now? Let’s see Ripple price analyses and forecasts from tradingview users.
The uptrend in XRP/USD is about to start
ForecastCity has analyzed the XRP/USD chart and concluded that the beginning of the uptrend is around the corner. The price is below the 21-Day WEMA, which signifies the dynamic resistance. RSI is at 44, which only proves this suggestion. However, if the price downtrend in the daily chart does not get broken, the bearish wave might go on and on.
Anyway, the current situation is perfect for trading. Here’s what ForecastCity recommends:
“There is a possibility of temporary retracement to suggested support zone (0.28900 to 0.24540). if so, traders can set orders based on Price Action and expect to reach short-term targets. The beginning of entry zone is 0.28900, ending of entry zone is 0.24540.”
How do you know you are approaching a “Buy zone”? Look at when some of the reversal patterns are formed ("Bullish Engulfing", "Hammer" or "Valley"). Do not enter trading when the price approaches reversal patterns, but those are not formed.
It’s time for upward ABC correction
Zmassey has decided to apply some rules from Elliott Wave Theory: wave 3 cannot be the shortest of the three impulse waves. That means that the fifth wave ended in February at the value of $0.28. If this wave is still in motion, wave 3 should be the shortest one, which invalidates the theory.
If that’s true, the bullish period is expected for XRP – we will witness ABC correction from here. Considering future collaborations and technical advances of Ripple, that might be true.
Watch for Ripple channel
Ripple is very close to the lower bound of the rising channel formation. At the moment it stays neutral, but can easily crawl to the key resistance and support levels. If Ripple rebounds, it can be a good sign – a bullish period can get the cryptocurrency back. But before this happens, we should see a confirmation break above the 0.3145 level.
However, if the channel is broken and the rate goes below the 0.3050 zone, this may lead the crypto to the lowest point of February 1st, near the 0.2915 value. Thus, you can either buy XRP now or wait a bit for it to fall a little (which might not happen).
We should exceed the $0.31 level
This user has pretty much the same opinion. He claims that we should exceed the 0.314 level. If it cannot be exceeded, Ripple will target the 0.304 level.
Ripple is on the verge of a breakout, and it needs just a bit of support from traders. Anyway, this March is expected to be a positive period for this crypto asset. As the ice begins to thaw, so does Ripple’s bearish period.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.