Ripple coin turned quite bullish in the first two weeks of April, increasing from around $0.50 to nearly $2. The US securities authority SEC has opened a case against Ripple, but despite that, Ripple coin continues to remain bullish, since the case is gong in its favour at the moment.
Although, inb the second half of April we saw a pullback in XRP/USD , following most of the crypto market down. Ripple was among the cryptos which suffered the biggest declines during that time, losing more than half of its value as it fell from below $2 to below $0.90.
We opened a buy Ripple signal during that decline, buying at $1.28. The 200 SMA (purple) came to our help as it provided support on the H4 chart, with the price bouncing off that moving average eventually, after failing twice to break below it, despite a couple of piercings.
Ripple coin moved above all moving averages on this time-frame, which turned into support eventually. The 100 SMA (green) held as support last week, while yesterday the 20 SMA (gray) turned into support, suggesting that the buying pressure is strong. So, we are holding on to our forex trade here, even though it is nearly 4,000 pips in profit.