• XRP price begins to move above the consolidation it has experienced post flash crash.
  • A key test of the $.90 value area would be the final hurdle before XRP hit $1.
  • Bullish entry setup is now present on XRP’s Point and Figure chart.

XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

XRP price ready to test $0.90, $1.00 next

XRP price has held a strong level of support near the $0.83 value area every since Sunday. Concerns about further downside pressure remain, but the bullish behavior of XRP during the NY lunch hour showed evidence of some substantial buying volume.

There is a hypothetical long trade opportunity on the $0.05/3-box reversal Point and Figure XRP price chart. The entry is a buy stop at $1.05, a stop loss at $0.85 and profit target at $1.75. The entry is based on a Point and Figure pattern known as a Bearish Shakeout. This pattern is valid only when a trend reversal is anticipated and positioned to do so. A two-box trailing stop would help protect any implied profits.

XRP/USDT $0.05/3-box Reversal Point and Figure Chart

If the hypothetical long entry triggers, traders should expect some resistance at the $1.15 and $1.25 value areas before any substantial rise occurs. Additionally, a pullback to the entry zone after $1.50 is another likely scenario that traders should watch out for.

However, bulls should be aware that downside risks remain for XRP. The biggest cloud hanging over XRP remains the unknowns with the ongoing SEC case, which will have ramifications market-wide.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin recovers slightly as MicroStrategy adds 10,107 BTC and launches STRK

Bitcoin recovers slightly as MicroStrategy adds 10,107 BTC and launches STRK

Bitcoin’s price recovers slightly, trading above $102,000 on Tuesday after reaching a low of $97,777 the previous day. BTC’s recovery was driven by MicroStrategy’s purchase of 10,107 BTC for $1.1 billion and the launch of its convertible preferred stock STRK, available to institutional investors and select retail investors. 

More Bitcoin News
Sui and Ondo Price Forecast: SUI and ONDO bears eye for double-digit crash

Sui and Ondo Price Forecast: SUI and ONDO bears eye for double-digit crash

Sui (SUI) and Ondo (ONDO) prices hover around $3.90 and $1.33 on Tuesday after declining recently. Both altcoins could be poised for a double-digit crash ahead as Sui technical indicators show bearish momentum, while ONDO funding rates are negative.

More Sui News
Ripple expands reach with key licenses in New York and Texas, XRP briefly slips below $3

Ripple expands reach with key licenses in New York and Texas, XRP briefly slips below $3

XRP briefly slipped below $3.00 on Monday following Ripple's announcement that it has obtained Money Transmitter Licenses (MTLs) in New York and Texas, permitting customers in the region to enjoy its services.

More Ripple News
Jupiter Price Forecast: JUP remains firm despite market correction

Jupiter Price Forecast: JUP remains firm despite market correction

Jupiter’s (JUP) price extends its gains, trading around $1.23 and rallying nearly 10% on Tuesday after a 7% rise the previous day. The recent JUP buyback and 3 billion token burn announcement was revealed in its Catstanbul event, further supporting JUP’s bullish outlook. 

More Jupiter News
Bitcoin: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin: BTC holdings of large investors surges as Trump takes the Oval Office

Bitcoin (BTC) trades in the green and hovers above $105,000 on Friday after hitting a new all-time high of $109,588 on Monday. CryptoQuant’s weekly report highlights that the demand for BTC from large investors surges as US President Donald Trump takes the Oval Office.

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP