XRP price to jump back above $0.82
- Ripple price is retesting a breached trend line.
- XRP price is finding support on the 100-day moving average
- Invalidation of the bullish scenario is a close below $.068
XRP price is displaying bullish behavior to start this week's trading session. Traders are likely looking for long entries.
XRP price could see more gains
XRP price is currently trading at $0.76 as the price fell during intraday hours into a breached trend line at$ 0.72. The intraday bounce for Ripple price action could be early evidence of a continuation of the trend following last week's 10% rally. XRP price is also hovering over the 100-day moving average, adding bullish confluence. Traders should expect choppy price action in this area and another 10% rally surge towards $0.83.
XRP price relative strength index is questionable. Traders should approach the asset with a dollar-cost average approach until more substantial evidence of bullish strength is displayed. Placing buy limits at $0.74 and $0/.72 with an invalidation at $0.68 could be healthy risk management for traders who want early entries.
XRP/USDT 12-Hour Chart
Invalidation of the overall uptrend is the swing low at $0.68. If the bears manage to suppress the price back to this level, the overall uptrend scenario will be jeopardy. The bears could then target $0.65 and $0.60 levels, resulting in a 20% decrease from the current XRP price.
Author
FXStreet Team
FXStreet
