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Ripple rallies on rumors

95 views · Published 5 March 2018 · 1:59 · Indexed 27 October 2026

Channel: NEWSBTC · 2018 · People & Blogs

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Ripple rallied a bit during Monday trading, as there are rumors that Ripple will be sold on Coinbase. Ironically, the same 24 hours produced a report that the exchange is being sued for insider trading. What I would say about trading on rumors, as they typically make for nice short-term moves, but by the time the announcement is confirmed, the “smart money” is starting to sell to the retail trader. Because of this, I very rarely trade on rumors, because large amounts of money will enter the market before they are released anyway. However, there are some technical areas that we can pay attention to in this chart, that will make all this conjecture a moot point anyway.

The $1.20 level should be resistance, and if we can break above there I think the market will probably go looking towards the $1.40 level. In the meantime, I believe that the $0.90 level should offer support. If we were to break down below there, the market is more than likely going to go looking for the $0.75 level.

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