Will XRP price lose 20% of market value after rallying to $0.56?
|
- XPR price has rallied 50% within a week.
- The RSI has reached extremely overbought territory.
- A breach above the high at $0.56 would invalidate the bearish thesis and could prompt a rally to $0.61.
XRP price makes impressive gains during the third trading week of September. Still, all markets are subject to corrections at some point. Traders should look for a potential 30% correction before more upside occurs.
XRP price moons!
XRP price has been a nostalgic cryptocurrency to trade this week as the digital remittance token has displayed very classical Elliott Wave tructures enabling swing traders to enjoy a genuine bull market environment. Ripple price has rallied more than 50% this week, reaching a high at $0.559 during an overnight ASIA session.
XRP price currently auctions at $0.50. A clear five-wave impulsive pattern is shown on smaller time frames while the Relative Strength Index has breached extremely overbought conditions. A Fibonacci Retracement tool surrounding the sharpest incline shows a 61.8% Fib level at $0.45. A fall into this level would be a 20% drop from the recently established highs.
XRP USDT 3-Hour Chart
The volume profile is persistently tapering upon each consolidation while more volume pours during impulsive rallies. The volume pattern hints at the possibility of a $0.60 XRP in the coming days, but the drop to $0.45 stands a high chance of occurring. A breach of the $0.5590 high could invalidate the thesis of a pullback to $0.45 and kick off the next wave in the process.
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.