• XRP price confirmed the most sought-after short entry condition within the Ichimoku Kinko Hyo system on Sunday.
  • Monday’s price action is retesting the breakout from below the Ichimoku Cloud.
  • Significant downside potential ahead if bears remain in control.

XRP price action shows a confirmed Ideal Bearish Ichimoku Breakout on the daily chart. However, bears failed to follow through, which may be due to some stubborn bullish pressure preventing a move lower. As a result, bullish conviction is now being tested, and so far, it appears to be waning.

XRP price positioned for bears to drive Ripple down to $0.65

XRP price shows bulls are currently in temporary control during the Monday trade session. While the daily open is above the close, bulls need to close XRP price at or above $0.745 to return price inside the Ichimoku Cloud. Failure to do so would confirm that the breakout below the Ichimoku Cloud was an honest break, giving bears the signal that selling pressure is likely to return and in earnest.

The first projected target for short-sellers is likely the logarithmic 50% Fibonacci retracement of the most recent major swing high of $1.96 to the low of the weekly strong bar of $0.22 – which is at $0.64. If $0.64 fails as support, then the next support level for XRP price doesn’t appear until the 61.8% Fibonacci retracement at $0.49.

XRP/USD Daily Ichimoku Kinko Hyo Chart

If bulls want to overcome the near-term bearish outlook, they’ll need to complete an Ideal Bullish Ichimoku Breakout. Unfortunately, that is a difficult goal for bulls to achieve because not only does XRP price need to close above the Ichimoku Cloud, the Chikou Span needs to close above the candlesticks and be in open space – a close at $0.85 is the minimum price level to confirm an Ideal Bullish Ichimoku Breakout.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP