This sudden change makes Ripple's XRP price extremely bullish again


  • XRP price hovers above a parallel channel median line. 
  • Ripple price has printed a clear impulse wave up and tapered volume amidst the consoldation.
  • Invalidation of the uptrend depends on $0.325 holding as support.

XRP price shows reasons to believe in an uptrend scenario targeting $0.48 in the short term. The setup could be ideal for day traders.

XRP price to the moon?

XRP price shows strength as the bulls have rallied 26% in a week. The digital remittance token now stands erected above a descending parallel channel’s median line, which can be viewed as contrarian bullish. 

XRP price currently trades at $0.3586. The initial 26% rally from July 27th into the high at $$0.40 on July 30th looks like a clear impulsive wave. The volume profile tapered out considerably amidst the current profit-taking consolidation. The next wave up could target the macro invalidation level at $0.48. A break above $0.3750 would be the catalyst to promote the next 25% rally.

tm/xrp/8/3/22

XRP/USDT 3-Hour Chart

Invalidation of the uptrend scenario depends on $0.3250 holding as support. If the bears breach the bullish invalidation level, the entire uptrend scenario would be void. XRP price could witness a fall targeting $0.24, resulting in a 35% decrease from the current Ripple price.

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 

 


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