• 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 Price Chart

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.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Will the FOMC minutes make or break Bitcoin’s uptrend?

Will the FOMC minutes make or break Bitcoin’s uptrend?

Ahead of the FOMC minutes release Bitcoin withdrawal from exchanges continued. Proponents expect the market to react to signs Fed members will continue with more aggressive interest rate hikes, increasing the pressure on Bitcoin price. 

More Bitcoin News

Why Cardano price action could see a 23% upswing soon

Why Cardano price action could see a 23% upswing soon

Cardano (ADA) price action is puzzling as, on the one hand, a continuation of the summer rally is still very much granted, but unfortunately, the recent pullback has not made it.

More Cardano News

Which Bullish setup is in play to trade ETC price action?

Which Bullish setup is in play to trade ETC price action?

Ethereum Classic (ETC) is trading inside a bullish right-angle triangle that forecasts  a breakout above $48.33 and a target at $52.44, with the monthly R1 resistance level in the middle as a pivotal point for some profit taking.

More Ethereum Classic News

Ethereum price could drop to $1,500 if bulls do not defend this level

Ethereum price could drop to $1,500 if bulls do not defend this level

Ethereum price shows a lack of buying pressure, which has led to a range formation. This development could tilt in bears’ favor if a certain support level is breached. 

More Ethereum News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP