I have been building my technical analysis skills recently so id like to share wike i learn. Today i chose to look at Ripple. Currently its price is moving lower against the US Dollar and Bitcoin. From my analysis Ripple should hold above 100 hourly SMA and soon start an upwards move towards $0.9200. Ripple was unable to hold gains above the $0.9000 mark. It then moved down from $0.9091 to below $0.9000. There was a break in support at the 23.6% Fib retracement levels. This facilitated a further price declined below the $0.8500 support. The price eventually found support above the $0.8250 mark. I suspect the 50% Fib retracement level from the $0.7558 low to $0.9091 high will creste support. The price has recovered to above $0.8300 with a positive angle. There is a bullish trend line forming with support showing near $0.8400 on the 1 hour chart of the XRP/USD pair. The support at $0.8400 is near the 100 hourly simple moving average an I think as long as the price stays above $0.8400, we could see more gains in the near term.
Thats all I have for today check back tomorrow for a post with charts and more in-depth analysis
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