fxs_header_sponsor_anchor

Why patience will help provide a better entry for XRP investors

  • XRP price consolidates within an ascending parallel channel.
  • RIpple price shows less volume than the previous bull run, while the Relative Strength Index shows resistance.
  • Invalidation of the countertrend thesis is a breach above $0.51.

XRP price should pull back once more before the real rally occurs. Key levels have been identified.

XRP price has cushions pace to fall

XRP price currently auctions at $0.48 as the bulls have reconquered the ascending parallel channel's median line that provided support during the early stages of the September rally. As price consolidates, the Relative Strength Index remains wedged just beneath the key level that qualifies a trending market. Based on this subtle evidence, the XRP price will likely retreat into the $0.45 level before the anticipated bull run occurs. 

The countertrend thesis is supported by the Volume Profile indicator, which shows that XRP is climbing with less volume than it did during the last rally that established the $0.51 swing high. If market conditions persist, a retest of $0.45 stands a fair chance of occurring. If the $0.45 support level fails to hold, an 11% decline is expected, targeting the $0.43 liquidity level.


XRP USDT 3-Hour Chart

A breach above the $0.51 swing high from September 29 would invalidate the bearish scenario. If the bulls break this barrier, last month's bullish trade idea towards $0.61 will likely commence. Said price action would result in a 26% increase from the current XRP price.

In the following video, our analysts deep dive into Ripple's price action, analysing key market interest levels. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.