This is how you can spot XRP price recovery and ride it
- XRP price reveals a potential recovery outlook after a sweep of the equal lows at $0.326.
- A breakout above the $0.360 hurdle could allow bulls to revisit the $0.381 resistance level.
- A daily candlestick close below the $0.326 support level will invalidate the recovery thesis for Ripple.
XRP price shows no interest to move higher or lower as it consolidates around a stable support level. Devoid of any directional bias, Ripple investors can attempt to open long positions after the liquidity present to the downside is collected.
Ripple price looks for opportunities
Ripple price crashed roughly 13% between August 18 and 22 and is currently grappling with the $0.340 hurdle. As Bitcoin price continues to consolidate in a tight range, the directional bias for the remittance token also disappears.
While some altcoins are using this opportunity to trigger a massive uptrend, XRP price has chosen to do nothing. The next best opportunity for Ripple bulls will arrive after a sweep of the equal lows formed at $0.326.
This move is likely to trigger a recovery bounces, especially if it coincides with the sweep of the $20,750 level for Bitcoin price. In such a case, market participants can expect the incoming bullish pressure to propel XRP price to the intermediate resistance level, extending from $0.357 to $0.360. A flip of this hurdle could extend the run-up to $0.381.
XRP/USD 4-hour chart
On the other hand, if Ripple price breaks down the equal lows at $0.326 and fails to recover above this support floor, it will invalidate the bullish recovery thesis. In such a case, investors can expect XRP price to revisit the $0.309 foothold, where buyers could stop absorb the selling pressure and give bulls another chance at recovery rally.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
