As per the amazing long term Ripple chart in our Ripple price forecast for 2019 we see that Ripple bounced off long term support. The monster rally from last week confirmed the new bull market. What’s next? We see a bullish setup in Ripple after the new bull market got confirmed, this is why.
Ripple’s daily chart shows some interesting things.
First, The monster rally last week came with a clearly confirmed breakout. Good bye bear market, welcome bull market, is what we wrote last week in It’s Official: Ripple Breakout of 2018 Confirmed, Welcome New Bull Market.
The daily price chart of Ripple makes our point, in particular the 2 arrows confirm that the breakout test succeeded. Note how the breakdown in the first week of August occurred at $0.42. With last week’s rally this gap was filled. More importantly, one day and 4 days after this monster rally the price of Ripple came back down and successfully tested $0.42. This confirms the breakout and the new bull market.
That’s important because we said as the breakout was taking place last weekend that we wanted to see 5 consecutive days of trading above $0.36 to $0.37 is met to avoid a false breakout (similar to July when prices broke out but came down back in the bearish trend after 3 days). Ripple bulls got what they wanted, clearly.
Moreover, on the very short term, we see this current consolidation takes on a mini triangle pattern. This weekend we expect to see a sharp move higher or lower, as it’s resolution time. Our best guess is that Ripple’s price will shoot higher because the primary trend is now up. If so, the first target is $0.80, followed by $1.30 which is the resistance point of the lowest band we project on the long term Ripple chart, also available on the must see charts page.
Remember, in the bigger scheme of things, we forecasted that Ripple would be the primary beneficiary of Bitcoin’s muted returns after the introduction of Bitcoin futures, as explained in great detail on our very first Medium.com article.
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