In the last 12 hours, Ripple (XRP) has shot up from a low of $0.43 to its current price of $0.48. That’s a clear reversal back to the support level, and indicator that buyers are taking advantage of these low prices to make long entries.
It also means that, $0.48 is likely to hold as support level, as long as bitcoin (BTC), also holds above $6000. Currently, Ripple (XRP) looks set to break above $0.50, a break that could see it retest the $0.54 resistance level in the next 24 hours. To buy into ripple (XRP) with a 24 hour target, one also needs to watch the volumes. If volumes hold and continue to increase in the next 12 hours or so, a buy entry would be ideal with $0.54 – $0.56 as the first exit point. A break above that could see ripple retest $0.60 in the next 24 hours. However, if volumes decline and price breaks below $0.48 again, it could head lower, and test $0.40. However, this is highly unlikely given that bitcoin (BTC), the crypto that determines the overall direction of the market, looks set to hold above $6100 at least in the short-term.
In the last 24 hours, XinFin (XDCE) has broken above $0.004, which has been major support for the last one week. That’s an indicator that investors are moving into XinFin (XDCE). If this momentum continues, XinFin (XDCE) could test $0.005, which is the next resistance level to the upside.
One of the factors that will support this push to the upside is the volumes. XinFin (XDCE) volumes have pushed up consistently for the last 7 days. As these volumes continue to rise, so will the likelihood of XinFin (XDCE) pushing higher.
XinFin (XDCE) will also be supported by the fact that bitcoin’s volumes are rising too, and with it, so will the rest of the market, XinFin (XDCE) included. For someone buying into XinFin (XDCE), the first exit target in the next 24 hours should be $0.005. A break above that should see it rise to $0.006.
In the last 12 hours, IOTA (MIOTA) is in an early uptrend. It has broken above yesterday’s red candle that saw it hit a low of $0.88.
This upside break in price means that IOTA (MIOTA) is likely to test $1.15 in the next 12 hours or so, since that’s the first resistance level to the upside. If it breaks above this level, it could test $1.56, which is the next resistance level along the 200-day moving average. Volumes too are on the rise, indicating that IOTA (MIOTA) is likely to sustain its current upside break. It is also supported by the fact that bitcoin (BTC) has held its support level above $6000. This means it could rally in the short-term and pull the rest of the market with it. A bitcoin rally above $6500 could IOTA (MIOTA) test $1.8 -$1.9 in the next 24 to 48 hours.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.