Jonathan Morgan
Independent Analyst
- XRP price was annihilated during the Saturday flash-crash.
- Massive recovery post-sell-off is likely a sign of reversing fortunes for XRP.
- Follow through by bulls necessary to regain momentum higher.
XRP price action was sitting on the precipice of an impending flash-crash long before Saturday’s sell-off occurred. The price levels XRP hit for the lows were expected as well. A new uptrend for XRP is likely to start next week.
XRP price collapsed from $0.92 to $0.57 but managed to close at $0.85
XRP price is positioned for a massive rally post-flash-crash. The daily and weekly candlesticks have likely developed one of the most substantial bear traps in XRP’s history. FOMO will be piling into this cryptocurrency very soon, especially if XRP returns to the $1.00 value area.
Because XRP has already triggered the price levels previously forecasted, the move has been made, and XRP can begin its next leg higher. To do that, XRP price must first close at or above the daily Kijun-Sen at $0.98. To achieve an undeniable bullish breakout, XRP needs a daily close at $1.21. If $1.21 is reached, the projected target range is the $2.00 value area, followed by the $3.35 price level.
XRP/USDT Daily Ichimoku Chart
However, downside risks remain. XRP has the cloud of Ripple’s SEC debacle hanging over it, and any hints of continued uncertainty or a negative outlook for Ripple may weigh heavily on how XRP trades. The downside risk for XRP price is the 2021 Volume Point Of Control at $0.45.
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