How to position your trading account before XRP price breaks out

Ripple price is set to pop back above $0.4228 as technical indicators show buying signs.
XRP price could reclaim $0.50 in the process.
If so, XRP price could be set to rally even higher next week.

Ripple (XRP) price is on the cusp of popping higher propelled by relentless buying from bulls. This is reflected in the Relative Strength Index (RSI) not showing any signs of cooling down or dropping back towards the oversold area. Price action could accelerate once it rises above $0.4228, opening up space for a 20% rally towards $0.50, and reclaiming a few key support levels on the way.

XRP price set to reclaim a few key hurdles

Ripple price is showing promising signs of bullishness to come as both the RSI and the price encounter robust support from which to make a platform for a move higher. Price action has been posting higher lows since the beginning of this week, and a squeeze further to the upside is now set to unfold. With bullish pressure mounting, buyers are getting ready to reclaim at least three vital pivotal levels.

XRP price will first see pressure building at $0.4228, the first pivotal historical level nearby. Once that level is tested for support, expect a further stretch to the upside towards $0.50, with bulls capturing the monthly pivot and the historic pivotal level at $0.48. Going into the weekend, this will be the optimum position for bulls to continue reaping gains looking ahead.

XRP/USD daily chart

From a bearish perspective, the risk to the downside comes from $0.4228 which could prove too big a hurdle to break above. In such a scenario, bears might match bullish price action and add to existing short positions, outweighing the buying power of bulls. That would lead XRP price to dip towards $0.3710, and if some more risk-off were added, to break below $0.3043 – a not impossible eventuality in a downtrending market.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram