Like all other major cryptos, XRP (XRP) has enjoyed a good run today. It opened the day at $0.334 and has been pushing higher all through the day testing a high of $0.352. Looking at the moving averages, it is clear that this bullish momentum could last through the next 24 hours or so. That’s because the 200-day moving average is now offering strong support at $0.325. The 55, and the 100-day moving averages are also crossing the 200-day moving from below, an indicator that the price is moving up faster than the historical average.
For traders looking to buy into XRP (XRP), it is best to wait it out for a retracement. After the gains that is has made in the last few hours, XRP (XRP) will most likely retrace to around $0.339, a price level at which it has ranged in the course of the day. Once it retraces and shows signs of a new re-energized uptrend, it would make sense to buy with a target of $0.373, which is the last high point in the 12 hour chart. However, if the price retraces and drops below $0.325, then it will have invalidated the uptrend, and will be a signal to sell with a target of $0.322, which is the next key support level in the day.
XinFin is showing a high level of volatility in the day, along a major support level at $0.0018. Volumes are quite high at this price level. This means that there is a huge battle between bulls and bears at this price level. If this level holds, then chances are that bulls will be control of this market for the next 24 to 48 hours.
However, if the price breaks below this level, then chances are that XinFin could be headed into bear territory in the next 24 hours. For a day trader, it would be best to wait until XinFin (XDCE) moves away from the $0.0018 level. If it rises significantly above it, it will be a good sell signal, and vice versa.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has maintained a strong bullish momentum that started yesterday, when it broke above the 200-day moving average at $12.58. Today, it has gained by over 3% and touched a high of $13.07. This goes to show that there is strong bullish momentum in this market. However, for someone looking to go long on Ethereum Classic (ETC), it would be best to wait until the price retraces. This is already happening, and it has already retraced to around $12.90, a level that has held steady for the last 2 hours.
If it forms support around this level, it would be best to wait for the price to rise above the day’s high above $13.07 before making a buy entry. That’s because it’s easier to enter into a confirmed trend, than try to time the bottom of a price retracement. However, if the price keeps dropping and breaks below $12.66, which is a key hourly support level, then it would be time to go short with a target of $12.42, a key 1-hour support level on the 55-day moving average.