In a day that has seen a mass sell-off in crypto, Ripple (XRP) is probably one of the better performers in the market, having dropped by around 5%. However, the drop seems to be slowing down, and ripple (XRP) is sitting on a major support level at $0.61. This is a region where price has lagged in the past, indicating that is it is a demand zone.
For someone looking to trade in Ripple (XRP) at the moment, it would be best to watch the $0.61- $0.59 for the next 6 hours. If the price breaks below this price, it could head lower with a target of $0.47. However if it breaks above this price level, it could be headed towards $0.73, which is the first resistance point on the 55- day moving average. A break above it could see the price hit $0.89, which is the next point of resistance, on the 200-day moving average.
To make a trade in Ripple (XRP) at the moment, one also needs to watch the volumes. If volumes continue to decline, then ripple might continue to trade at current price levels in the next 24 hours.
At this point, a long or short trade are all possible depending on which side the price breaks.
IOTA is one of the cryptos that has taken a major beating in the market today, dropping by more than 10%. In the daily charts, IOTA (MIOTA) seems headed lower, with $1.35 as the next possible target. This is also supported by the huge sell volumes that have characterized this market in the day charts. This bearish trend is confirmed in the 12 hour charts, where IOTA (MIOTA) has broken below the 200-day moving average and is headed lower towards last month’s low of $1.34. This low is likely to be hit in the next 6 hours, at which point, IOTA (MIOTA) will be sitting on a demand zone, with a good buying opportunity. If it breaks below this level, it could be headed lower.
However, if it holds steady at this price level, IOTA (MIOTA) could rise back to $1.89, which is the 1st resistance on the upside along the 55-day moving average. In essence, IOTA (MIOTA) offers both buying and selling opportunities for a 24-hour entry. It all depends on how it trades in the next 4-6 hours.
EOS (EOS) is down 15% in the last 24 hours, and is trading along an area of major support, at $12.12. If it drops below this price in the next few hours, the next target will be $10.68 along the 200-day moving average. However, if it rebounds above this price, the next target will be $15, which has been the EOS high for the last two weeks.
In essence, for someone looking to make a long entry into EOS, it would be best to watch the price for the next 6 hours, and determine the direction it is likely to take in the next 24 hours.