The leading and frequently speaking name in the altcoin world Ripple (XRP) about to reach a very important level again. After consolidating for a while after the big crypto crash last weekend, XRP seems to have started to recover from this consolidation phase. Here are the important technical details you should follow at Ripple.
XRP The price is very close to re-reaching the $1 psychological level, but the price, which has been consolidating for a while, should retest the $0.90 value area first.
The “bullish entry” setup is now visible on XRP’s “point and shape” chart. The XRP price, like many other assets in the cryptocurrency markets, suffered from the price crash last weekend. Quickly recovering from the massive crash, XRP has been stuck for three days after a “strong rally” from the lows, but this congestion could start a new “uptrend” for Ripple.
XRP price has managed to hold the $0.83 support level very well since last Sunday. While concerns of further bearish pressure remain, XRP’s bullish behavior at “noon New York time” may represent significant buying volume.
A ‘hypothetical long trade’ opportunity has also appeared, with an entry of $1.05 and a ‘stop order’ of $0.85 and a profit target of $1.75. The introduction is based on the “point and shape model” known as the “bear shake”. This pattern is valid only when a trend reversal is expected and positioned for it. A two-box trailing stop helps protect implied gains.
If the hypothetical long entry is triggered, traders should wait for some resistance in the $1.15 and $1.25 value areas before a significant increase occurs. Additionally, a pullback to the entry zone after $1.50 is another possible scenario traders should watch out for.
However, bulls should be aware that downside risks remain for XRP. The biggest cloud hanging over XRP remains unknowns regarding the ongoing SEC litigation, which will have market-wide ramifications.
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.