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.
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
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
