Baxia Markets
August 06, 2021

Ripple could reach $0.85

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The cryptocurrency maintained an uptrend for seven straight trading sessions in the previous days, it found a pullback, and it might be ready to take off. The pair is getting closer to the resistance level at the 23.6% Fibonacci Retracement.


The price is currently trading inside the Ichimoku cloud, and this could be interpreted as market uncertainty, but the current market is hot for cryptos. We have seen other assets in the same class take off after a long wait.


The short and long-term moving averages crossed three trading sessions ago; this indicates that the general trend can be expected to be upwards; there is still a long way for the cryptocurrency, but it's heading in the right direction.


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The relative strength index is at 60%, which will allow the pair to continue climbing in the short term; once the RSI gets closer to 70%, we will likely see a drop in the price, we expect that pullback to be brief but only time will tell.


The Bollinger bands are wide and moving up, strengthening our long trade signals; the parabolic SAR indicator also backs this. 


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