XRP Price Analysis: Traders can long Ripple at this level for 20% gain
|- XRP price struggles to move above the $0.400 hurdle as volatility disappears.
- A retest of the FVG, extending from $0.368 to $0.363, is an excellent place to enter a long position to realize 20% gains.
- Invalidation of this bullish outlook will occur if Ripple bulls fail to defend the $0.349 support level.
XRP price shows a clear sign of disappearing volatility, leading to a tight consolidation. Over the next three days, Ripple will likely break down, retesting a critical inflection point and triggering a rally.
XRP price ready to make a move
XRP price has been consolidating above the $0.372 support level, producing a string of lower highs. The setup looks bearish, and investors should expect a breakdown, leading to a quick pullback.
The downtick, however, will knock the XRP price down to retest the $0.368 to $0.363 area, which has an imbalance and is termed Fair Value Gap (FVG). This area is where interested investors should consider buying Ripple as the chances of a reversal at points of imbalance are high,
A resurgence of buying pressure at this level could trigger a quick run-up for the XRP price. If this move allows the remittance token to flip the $0.40 hurdle, it will likely target the $0.448 resistance level.
This XRP price move will constitute a 21% upswing and is likely where the upside is capped.
XRP/USDT 4-hour chart
While things are looking up for the XRP price, a breakdown of the $0.349 support level will create a lower low. This development will skew the odds in bears’ favor and invalidate the bullish thesis. In such a case, market participants can expect the XRP price to revisit the $0.316 foothold to regroup and plan its next move.
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.