- Ripple price prints a staggering performance this week.
- XRP has a stellar performance for March with 60% gain in the books.
- Expect to see some substantial fades under profit-taking pressure with opportunities to get in again
Ripple (XRP) price is jumping higher on several positive headlines as the Securities & Exchange Commission (SEC) is close to losing its lawsuit against Ripple. After the Commodity Futures Trading Commission (CFTC) stepped in and marked several cryptocurrencies as a commodity that falls under the supervision of that same CFTC, the SEC is set to be simply overruled on its jurisdiction. This has unleashed a substantial rally for XRP price that could still add another leg higher and target $0.73 on the topside.
Ripple price could top that 100% price increase
Ripple price has been on a tear these past few days as not only this week but the whole month will end with a stellar performance. Chasing that rally now is a bit late and risky, although there are some levels to keep an eye on. Those levels offer a window of opportunity to get in again and sit tight for that slingshot up toward $0.73.
XRP already made a first test in search of support under the pressure of the fade near $0.5230. That level held very firmly in the ASIA PAC test early Thursday. Chances are big that by the US trading session, $0.5852 gets tested again for a breach to another high. In case $0.5231 does not hold, certainly $0.48 is a perfect candidate to buy the dip and still target that $0.73 on the upside.
XRP/USD 4H-chart
Experienced traders will be aware of a possible pump-and-dump as XRP price shows signs of a classic buy-the-rumour-sell-the-fact episode. Price action has already been advancing so much on the possible outcome that the final outcome itself can only be a disappointment with heavy selling as a result. Expect to see a quick paring back of gains and Ripple price action to quickly head back to $0.40 at a more moderate price level.
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