In a trading pair with the us dollar Ripple surged nearly 50 percent Friday. PAMP was the natural reaction of the market players on several positive newsthat appeared this week. The analysis of price movement of a coin held in the CCN.
Why expensive Ripple
Now the cryptocurrency is testing its local maximum, formed at the beginning of July. The bulls continue to push price up and soon Aldon will be able to grow to $ 0.52. If the asset will break the main downtrend line, we will be able to witness a new bullrun.
We will remind, last time similar happened with Ripples in April — then the cryptocurrency was able to grow almost two times before a new wave plum. If such a scenario persists, the support levels of Ripple are now in the region of 50, 100 and 200 SMA. They are all quite far from the current price, so that the correction today’s jump will be tough.
On the fall or rise you can earn. If the price fixates above 0,48 dollar, you can open long positions with the targets of 0.50, 0.55 and 0.6 per dollar. In this case, stop loss is recommended to put on level of 0.45 dollars. Rollback below 47 cents it is possible to short to 40.
Meanwhile, the Ripple steadily increases in capitalization. If the growth rates continue, will shift the cryptocurrency Ethereum and will take the second place on Coinmarketcap. At the time of this writing for XRP offered 53 cents. Capitalization Ripple and Ethereum and amounted to 2,246 2,251 billion, respectively. The fight for second place promises to be hard.
New positions are also Stellar storms — a direct competitor to Ripple. The project with the same goal will soon overtake EOS of Bitcoin and even Cash.
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