- Ripple price is surfing on the favorable tailwind in cryptocurrencies.
- Buyers are very much in control since mid-July and have taken out some crucial resistances.
- A break higher could send XRP to $1.50 and serve profit-taking for the short term.
Ripple buyers have taken over XRP price action, leaving sellers with not much opportunity to make money. A few levels have been taken out that held importance in the past, but the rally looks very healthy.
Buyers have taken over XRP, more upside yet to come
Ripple price had a big run higher on Saturday with a 22% surge in price action. Buyers squeezed out short-sellers that got caught in a bear trap. XRP got blocked around $1.10 from moving higher and formed a double top past Friday. Sellers attempted to enter in a short position to push the price back toward $1, but they failed in their attempt. Then$1.10 got taken out to the upside, with a smooth run higher toward $1.30.
Today price action seems to be hovering around that same level, but the rally is still very much in play. Looking further to the upside, XRP has the yellow trend line forming a bit of a cap between $1.30 and $1.40 for the next coming days. As long as market sentiment remains in place, expect the rally to continue. The next level of interest is $1.50, which is just below the weekly R1 resistance level. Thus making it a double cap where probably sellers will look to halt the rally in a new attempt.
XRP/USD daily chart
Buyers will not be eager to sell anytime soon. Should sellers succeed in their attempt to stop the rally or market sentiment shifts 180 degrees to the downside, look for that purple descending trend line around $1.20 to provide some support in the coming days. A bit further lower, XRP has the weekly pivot at $1.13 and $1.10, where XRP has that double top from last week that now should act as support. Between the pivot and the double top from last week, this area should be perfect for a fade-in trade before going another leg higher.
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.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.