Trader9898
Long

Ripple Bounced Off Support - Gains Ahead?

BITSTAMP:XRPUSD   Ripple / Dollar
Ripple's correction was trading in a downwards channel and was facing major support around 1.6, which if it broke 1.6 would have likely gone lower. Instead, Ripple bounced off support at 1.6 on news of a partnership with Moneygram - and heavy buying started to occur with high volume . Moreover, XABCD pattern indicates bullish bias. All coins have sold off on news of South Korea banning exchanges - which the Korean government clarified will likely not go into effect.
Kommentar: Ripple looks as if it may break support at 1.6, which would be near term bearish.
Agreed!
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