XRP price pumps 20% in 24 hours! Here’s what could happen next
- XRP price has rallied 20% in the last 24 hours.
- The bulls have reconquered the 8-day exponential moving average.
- Invalidation of the bullish trend can be moved below the recent swing high at $0.45
XRP price has surged impulsively. Take-profit zones have been identified.
XRP price is mooning!
XRP price has validated the bullish trade idea published at FXStreet just a few days prior.
After a deep correction early this morning near the $0.45 levels, the bulls stepped back into the market in an applaudable fashion. XRP price has, at the current time, rallied 18% in the last 24 hours.
XRP price currently auctions back above $0.50 as the bulls have reconquered the 8-day exponential moving average. The volume profile is still low compared to the previous sell-off, which merits the idea that a double top pattern could occur near all-time highs. Traders should continue to watch volume and RSI as the uptrend unfolds. Key levels of interest are $0.56 and the previous congestion zone dating back to 2021 at $0.60.
XRP USD 4-Hour Chart
Traders who partook in the bullish trade idea can trail profit at $0.45. A retap of the previous swing high within the current uptrend will be the earliest confirmation that the uptrend move is over.
In the following video, our analysts deep dive into Ripple's price action, analysing key market interest levels. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
