Ripple (XRP/USD) was trading 1% lower on Friday after rising up to 7% on Thursday. Ripple has fallen by over 40% from its highs of $1.34, which it reached in November. Therefore, it looks like an attractive time to buy Ripple.
Ripple has some great fundamentals that can keep the price stable in the long term, so this slump could be a great opportunity to acquire Ripple. Ripple has risen by over 5% this week, which indicates a price reversal. However, should you buy Ripple now?
Here’s what the charts are pointing to:
Ripple has been moving in a side trend since August and is consolidating, as a false breakout was also seen earlier this week, when the price fell below $ 0.83. So if Ripple is able to return to the zone, a bullish view can be best.
It looks like Ripple is forming an inverse head and shoulders pattern. This could be a large-type bullish pattern. Long entries can be obtained by re-testing the price at $ 0.88. Ripple may start to move towards the upper resistance at $ 1.34 when an inverted “head and shoulder” is seen.
The RSI is also at the lowest level and is extremely close to the oversold zone. Therefore, Köbanks could soon return to theü, which would soon start a rally dürf.
Long entries should only be made above the zone at $ 0.88, since a bullish trend can only be confirmed as soon as Ripple is in this zone. Therefore, all long entries below the zone should be avoided.
Investors can set a target of $1.2, followed by $ 1.34. Nevertheless, investors should keep a stop loss below the support zone of $ 0.88.
Should you buy XRP, as the charts indicate an increase in the near future? appeared first on Coin Hero.