Ripple (XRP) is showing signs of a bullish reversal. That’s because yesterday’s close was way higher than the previous bearish candle of the 13th. This is further confirmed by the fact that in the last 24 hours, ripple (XRP) has been trading at around $0.54, way higher than the low that it established 2 days ago at $0.51.
That’s an indicator that money is flowing into Ripple (XRP) and investors don’t believe that it can go lower than $0.50. In the next 24 hours, Ripple is likely to hit $0.60 if current momentum sustains. This is the first point of resistance to the upside.
Conversely, if volumes drop over the weekend, ripple (XRP) could range between $0.54 and $0.51, along the support level. Chances of it dropping below that level are minimal in the next 24 hours. This can only happen if bitcoin drops below $6000, which looks highly unlikely at the moment. The market seems to have stabilized after the selloff that started on Sunday, following the Coinrail hack.
In essence, anyone getting into ripple (XRP) at the moment can either expect it to range, or rise to $ 0.60, if a wave of bullish momentum hits the market over the weekend.
After a selloff that started on Sunday, Ethereum has stabilized, and is now consolidating at the $530 to $470 price range. This is an indicator that the panic selling that ensued after the Coinrail hack has subsided from the market. In the last 12 hours, Ethereum is forming an early bullish signal with $495 as the support level.
If the price rise sustains above this price level, it is likely to rise to $600, which is the first point of resistance along the 200-day moving average. In the scenario that volumes decline over the weekend, Ethereum could drop to around $475, which is this week’s major support level.
Though this is highly unlikely though given that bitcoin, the key market determinant, looks set to continue trading at over $6500 going into the weekend. It’s an indicator that money is slowly flowing back into crypto.
Like Ethereum, IOTA is in a consolidation phase after the Sunday selloff. IOTA is consolidating at around $1.29 and $1.20 as seen in the daily charts. Looking at the 12 hour charts, IOTA (MIOTA) looks set to break above this range with $1.56 being the first resistance level along the 200 – day moving average.
Chances of IOTA (MIOTA) breaking to the downside are quite minimal right now, going by bitcoin’s stability in the last 24 hours. Unless bitcoin drops drastically over the weekend, IOTA (MIOTA) has a good chance of going higher.
This weekend could be the one when all cryptos reverse and rally. If this happens, Ripple (XRP), Ethereum (ETH) and IOTA (MIOTA) will be leading the way. They have already shown all the indicators of a possible bull run. Now is the best time to jump in before the market rallies, and leaves you chasing the price.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.