XRP price could dip to $0.74 as it meets resistance
- 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.
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FXStreet Team
FXStreet
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