- XRP price saw many pending buy orders get triggered at $0.8490
- The downward pressure prevented Ripple from establishing a higher closing candle on the 12-hour chart
- Only a sustained close above $0.8660 can lead to further gains
XRP price could be in jeopardy as it shows signs of a failed breakout. Traders should continue to watch Ripple closely.
XRP price is challenging traders to find the best entry
XRP price overall trend is looking extremely bullish as the SEC lawsuit is likely coming to an end. However, traders are continuously being stifled. Ripple has failed to break out past the previous swing high. The 12-hour chart hints at failure in trend after bulls failed to close above the breakout level two consecutive candles on the 12-hour chart.
Ripple price is currently trading at $0.83. Finding the most profitable entry is now the true challenge amongst traders and investors alike. XRP price next support zone will be the recently broken 50-day moving average. If the bulls fail to provide support, the token could likely dip lower to grab liquidity under $0.74.
XRP/USDT 12-Hr Chart
Still, the best entry is only apparent in retrospect. Investors looking for a discounted XRP price could miss the rally entirely. The most straightforward scenario to participate in the future bull run will be a break above the recent swing high at $0.8660. Secondly, volume must also increase to ensure a legitimate breakout.
If this were to happen, XRP price next target would be $1 and $1.20, representing a 40% increase from the current levels.
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.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.