- XRP price made a quick run to the upside yesterday and took out a significant resistance level.
- Today, Ripple price needs to make a new high and close above the weekly pivot to prove that the rally is sound.
- Sellers will be on the lookout for levels where short-term buyers will want to take profit.
XRP price made a recovery yesterday after a few days of consequential losses. The $0.52 level that falls in line with the low of June 23 worked well for buyers as a target point to get in long and push the price back above $0.58.
XRP price is already out of breath
The favorable tailwind in global markets and the new attention from Jack Dorsey and Elon Musk lifting Bitcoin do not seem to support any further upside for the remittance coin.
On the upside, XRP price has a next profit target of $0.60, which falls in line with the weekly pivot. But price action is not even able to get there.
Instead of that, the daily candle starts to look like a bearish hammer, and that could spell a storm on the horizon for Ripple.
XRP/USD daily chart
A rejection of the weekly pivot looks to be a possible outcome for today. Buyers will see this as a signal of weakness and start to take profit. This will be the queue for sellers to take over again if they have not already done so.
Expect the price to run lower again toward $0.54, which aligns with the weekly S1 support level. If the price can not rebound off that, expect a dip lower again toward $0.52, where buyers came in yesterday. That will undoubtedly be broken, and buyers will get stopped out from their trades around $0.50-$0.48.
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