The crypto market continues to struggle with shortages of volatility, as it seems that traders and investors have abandoned this sector for now. Certainly, random outburst can still be seen from time to time, but overall, the cryptos are running flat most of the time. Ripple is no exception, which keep on trading around its 0.3000 mark. Since the beginning of February, it started coiling up slowly. Currently the second largest crypto currency by market cap is getting into a squeeze and continues to trade above a short-term upside support line taken from the low of January 29th and below the short-term downside resistance line drawn from the high of January 31st. We will remain cautious and take a neutral stance for now, until we see a break through one of our key levels.
A break of the aforementioned downside resistance line and a push above the 0.3090 barrier could open the door towards areas which were tested not so long ago. This is when we will target the 0.3172 obstacle, which held the price down on February 8th. But if this time the obstacle fails to withstand the bull-pressure, Ripple could rise even further, this time aiming for the 0.3320 hurdle, marked by the high of January 31st.
Alternatively, a break of the previously-mentioned upside support line could raise concerns over the short-term upside potential. Ripple could then travel lower to test the 0.2845 obstacle, which held the price from dropping lower between February 6th and 8th. If the sellers continue dictating the rules, the crypto may easily slide further, where its next potential support area could be seen near the 0.2790 level, marked by the low of January 29th.
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