Ripple Clings to Support

Ripple has reverted to the lower bound of its range in the $0.90's, currently at $0.90. Like the other cryptos, it seems to be gearing up for a breakout, but has faced a setback. If it does eventually break out, levels in the low $1 handle like $1, $1.03, and $1.06 will provide resistance. It must break through $0.95 first, which is a significant level for Ripple. From below, $0.90, $0.87, $0.85 and $0.79 will offer support. In particular, it seems we have broken down from a head and shoulders pattern on 30-minute charts, and if $0.90 does not hold, $0.87 is a very likely target. The Kovach Momentum Indicators have completely levelled off reflecting the consolidation in volatility.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!