Ripple is up more than 38% in the last 24 hours on CoinMarketCap, extending its recent rally for the second day in a row and reaching 45 cents.
We can see that this weekly trend line has held up nicely and we are getting a move off of it. We have broken this red trend line and are now heading to this next resistance area at 45-50 cents. There was a chance that we could form a bear flag, but that is out the window with the break of this channel to the upside.
While the MACD and RSI aren’t telling us much on the daily chart, if we utilize the weekly chart to look at a larger picture, we can see that MACD looks ready to cross. While not quite there yet, if we get a solid move and break this larger gold trend line, a move to $1 will very much be in play. If we can go into full bull run mode over the next three months, don’t be surprised if we see $3 again. Ripple has had some major announcements which pushed it higher and continue to push it higher as it develops its infrastructure.
Bottom line, watch this gold trend line I have on my chart at this 50 cent area. If this breaks, we will get a huge move to the upside.
Happy hodling,
-Sherem
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