• Ripple price is surfing on the favorable tailwind in cryptocurrencies.
  • Buyers are very much in control since mid-July and have taken out some crucial resistances. 
  • A break higher could send XRP to $1.50 and serve profit-taking for the short term.

Ripple buyers have taken over XRP price action, leaving sellers with not much opportunity to make money. A few levels have been taken out that held importance in the past, but the rally looks very healthy.

Buyers have taken over XRP, more upside yet to come

Ripple price had a big run higher on Saturday with a 22% surge in price action. Buyers squeezed out short-sellers that got caught in a bear trap. XRP got blocked around $1.10 from moving higher and formed a double top past Friday. Sellers attempted to enter in a short position to push the price back toward $1, but they failed in their attempt. Then$1.10 got taken out to the upside, with a smooth run higher toward $1.30. 

Today price action seems to be hovering around that same level, but the rally is still very much in play. Looking further to the upside, XRP has the yellow trend line forming a bit of a cap between $1.30 and $1.40 for the next coming days. As long as market sentiment remains in place, expect the rally to continue. The next level of interest is $1.50, which is just below the weekly R1 resistance level. Thus making it a double cap where probably sellers will look to halt the rally in a new attempt.


XRP/USD daily chart
XRP/USD daily chart

Buyers will not be eager to sell anytime soon. Should sellers succeed in their attempt to stop the rally or market sentiment shifts 180 degrees to the downside, look for that purple descending trend line around $1.20 to provide some support in the coming days. A bit further lower, XRP has the weekly pivot at $1.13 and $1.10, where XRP has that double top from last week that now should act as support. Between the pivot and the double top from last week, this area should be perfect for a fade-in trade before going another leg higher.

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Can Shanghai hard fork propel Ethereum price to $1,500

Can Shanghai hard fork propel Ethereum price to $1,500

Ethereum price spiked up by 6% on December 8 after a brief consolidation. Ethereum (ETH) price shows a strong comeback as it follows in Bitcoin’s footsteps. This uptick coincides with ETH developers announcing the Shanghai hard fork release in March 2023.

More Ethereum news

US Senators introduce bill mandating crypto mining firms to report CO2 emissions

US Senators introduce bill mandating crypto mining firms to report CO2 emissions

Bitcoin has been the face of the crypto market and the Proof of Work (PoW) consensus method. But at the same time, it has also been the face of excessive energy consumption, sparking debates about curbing the impact of digital assets.

More Bitcoin news

Ethereum “Shanghai” hard fork set for March 2023, enabling users to withdraw their staked ether

Ethereum “Shanghai” hard fork set for March 2023, enabling users to withdraw their staked ether

Ethereum is seemingly in a development streak ever since the network first experienced its biggest upgrade this year. The Merge, initiated the transition of the network from PoW to PoS, is set to be pushed further with “Shanghai”.

More Cryptocurrencies news

Dogecoin vs. Shiba Inu: SHIB price to overthrow DOGE and rally 40%

Dogecoin vs. Shiba Inu: SHIB price to overthrow DOGE and rally 40%

Dogecoin price has been outperforming the Shiba Inu price, but circumstances are subject to change. If market conditions persist, SHIB could gain market control and rally while DOGE heads for lower targets. Dogecoin price pulled off an astonishing uptrend rally during the fall.                                    

More Dogecoin news

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP