Hello traders! The XRP, which is one of the top coins on the Coin Market Cap, is becoming an extremely attractive asset to hold. Ripple has been moving upwards during the past month, resulting in a break above the downtrend trendline, the descending channel, and 50 Exponential Moving Average on the 3-Day chart.
This is a very bullish price action, which is highly likely to continue, The exponential growth could take price up to the $0.42 area, which is another 60% growth potential from the current price.
The upside target is confirmed by 0% Fibonacci retracement level, applied to the downtrend trendline breakout point. It shows that the distance prior to the breakout equals to the distance after the breakout.
The key support is at $0.265 which is 50% Fibs or exactly the breakout point of the downtrend trendline. As long as daily close remains above this price, the uptrend continuation is imminent. However, if price breaks to the downside, the bullish outlook will be immediately invalidated and price can be expected to decline substantially.
Bias: Strongly bullish while above $0.265
Potential Support Zone: $0.28 – 0.30
Potential Targets: $0.42
Have a profitable trading!