One of the most notorious cryptos, Ripple, is showing some interesting patterns on its daily timeframe chart. See the chart below:
As one of the most popular cryptos for investors, Ripple’s performance this year has not been very inspiring. Though most altcoins have been doing poorly, most of them have been able to keep up with BTC in terms of dollar value. Ripple hasn’t even been able to do that and has not experienced any sustained success at all this year.
Looking at the daily chart, we think that might change soon. Ripple is consolidating nicely and the Bollinger Bands are getting tight, indicating that a big move might be near. It has also been supported at this current price for some time now, showing that bears could be getting exhausted and it might be time for a jump in price.
The biggest factor in this, however, is what Bitcoin decides to do in the coming days. If Bitcoin can go sideways or slightly incline, we believe that there is a good opportunity for Ripple to make back some of its losses on the year and begin an upward trend that will hopefully continue until the next altcoin boom.
What to Look For
For now, we are really watching that 30 cent support as a critical level for Ripple. If it is broken consistently and we see a daily candle close below 29 cents, Ripple may be going through yet another bear cycle.