Ripple just formed a bullish trend with the formation of higher highs and higher lows. Market broke the resistance of 0.4100 and now it has turned support and the market has started to move up. The market now has the potential to tap 0.4350 and will form another higher high leg. Our target will be the next resistance.

The resistance trendline has broken out for buys and is now going to retest. After that, the market will continue moving up. We also see another descending trendline formed which is impending the breakout buy.

The retracement level of 61.8% is in confluence with the support.

EMA 50 is still bullish and is due to retest at the support level. This support level will act as a catalyst for the market to mark technical parameters for the market.

RSI is at 50. Market needs to neutralize at the 50 level. Once the technical support levels align along with the factors on the oscillator, we will have a solid confirmation for the bullish market.

Ripple buys from 0.4100

Feb 05 2023