Ripple price to close the week with a bang as next week will be crucial for another 20% profit
|- Ripple price is breaking out and is making big waves against the Top 2 cryptocurrencies.
- XRP is catching up with Ethereum and Bitcoin in a strong performance this week.
- If bulls can keep the fade from not growing any bigger, bulls are in for a treat with 20% gains by the end of next week.
Ripple (XRP) price is closing this week with very profitable numbers, even if a fade is ongoing. The fade occurred after bulls received a firm rejection at $0.50 and have been trading lower from that level since. If bulls can keep their hands on this momentum and the Relative Strength Index (RSI) is not overbought, at least some 20% profit is being prepared for next week.
Ripple price needs bulls to stay calm and play this cool
Ripple price is finally making a big upswing again, not seen since September last year, where one week was good for 37% gains. This week’s performance will not match that, but at least it is good preparation for what is to come. As long as the fade can be kept above the 200-day Simple Moving Average (SMA), more upside potential is in the cards.
XRP has long been under pressure from that same 200-day SMA, and this week proves to be the key that has turned the sentiment to a bullish tone. With the breakout, the road to $0.50 for a second test and possible break is wide open. From there, bulls can still venture another 10% jump towards $0.55 and hit that same high of September in a double top formation.
XRP/USD weekly chart
Remember that the RSI is already quite elevated and that bulls could see their efforts quickly matched by some bearish action. The worst case would be that when XRP pops higher, bulls undergo another rejection at $0.50, and at the same time, the RSI breaks into overbought. That would mean that bears get a chance to keep selling pressure on XRP until the RSI is back to neutral or oversold and might be hitting $0.36 on the back of that.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.