forexfrombed-com

Ripple At Key Support, Up or Down?

BITSTAMP:XRPUSD   Ripple / Dollar
Ripple is currently trading just above the key support at $2.7 against the USD. Wait for a bounce to the upside or a potential bearish breakout. Personally, I think Ripple needs to have a harsh pullback (at least -30%) so that key price levels could be tested, before another strong bullish run resumes. Nevertheless, we could also see price quickly bounce back above $3 and continue its run to the upside in the bullish channel .
Difficult to call, but I'm betting bullish personally. There is too much positive speculation around this coin at the moment with the CEO announcement that they're working with 3 of the top 5 money transfer companies in the world.

I agree it's been a long bullish run so far but we did already do a 50% pullback on the last impulse leg and in a bullish market, that is usually enough. You just need to look at BTC to see the same correction patterns.
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Bearish i think.
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