XRP price action was on the verge of an impending crash long before Saturday’s sell-off. The price of XRP was expected to make a downward move. Despite this, a new uptrend may start next week in XRP.
XRP price dropped from $0.92 to $0.69 but managed to close at $0.85
XRP price is positioned for a massive rally after the crash. Daily and weekly candlesticks have probably registered one of the most important bear traps in XRP history. Temporary decline in an uptrend bear trap, is referred to as. FOMO (fear of missing out) will pile up on this cryptocurrency very soon, especially if XRP returns to the $1.00 value area.
XRP The decline was more sharp as it triggered the already predicted price levels. But XRP could start its next leg higher. To do this, the XRP price must first be at or above daily Kijun-Sen (Ichimoku parameter) 0.98 It should close in dollars. To get an undeniable bullish burst, XRP’s daily 1.21 It should close in dollars. If $1.21 is reached, the projected target range 2.00 dollar will be the dollar value area.
In summary, the s realized in XRPThe massive post-shot rebound is likely a sign of a downtrend reversal for the cryptocurrency.
However, it is worth noting that downside risks continue. First of all, the market leader Bitcoin remains uncertain. Besides XRP carries the cloud of SEC lawsuits on it. Therefore, any hint of uncertainty in the ongoing litigation or a negative outlook for Ripple could have a major impact on how XRP will be traded. Downside risk to XRP price 0.45 It is the 2021 Volume Control Point at the dollar level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.