XRP price could recover towards $0.90
- XRP price has been in a sideways range all week.
- An 8%t breakout has occurred over the past few hours.
- Breaching the $0.80 resistance level could result in further gains.
XRP price is now more transparent as the bulls have started a new impulsive move to the upside.
XRP price bound to retest $0.90
XRP price should excite day traders after showing an immediate spike alongside volume. Earlier today, the token was coiling sideways within the Bollinger Bands. But the bulls have flexed their muscles just hours later, sending XRP price back into the $0.80 zone.
The current break above the previous swing high at $0.80 suggests the bulls are in complete control and aiming to take out liquidity in the $0.90 zone. Traders looking for buying opportunities can either jump in now or wait for a consolidation and second breakout above $0.80.
XRP/USDT 12-Hour Chart
Despite the bullish surge in XRP price, traders should make sure to open a position with a clear invalidation point in mind. The first indicator of a trend failure will still be a close below $0.72.
Should XRP price break below such a critical support level, then it is likely that the bullish impulse was just a fake-out aimed at trapping over leveraged traders. The following targets would be $0.68 and $0.64, representing a 20% drop from the current levels.
Author
FXStreet Team
FXStreet
