XRP price holds above stiff support, which may catapult prices by 30%

  • Ripple price action is calming down as investors digest events from this week.
  • Perfect fade-in trade going on as XRP investors eye $1.40 again to the upside.
  • Expect a breakout of the consolidation in the coming days.

Ripple (XRP) had a violent dip on September 7, affected by big risk-off events with Bitcoin and global markets. Price action calmed down significantly on Wednesday as the dust settled, and market participants are redoing their homework on Ripple's opportunities. 

And they are right to do so, as Ripple price action is in position for a perfect fade-in trade that could bring XRP price action back towards $1.40 in just a matter of days. 

The range of the fade lies between $1.05 and $1.10. These levels have shown their importance since August 11. The $1.10 upper band has held multiple times price action to the upside as the first level of support. And the lower $1.05 has acted each time as a fail-safe system if the $1.10 level could not hold for support.

Ripple looks ripe for an upswing 

Smack in the middle of that system, the purple descending trend line, originating from April 14, comes into play and still might have some importance to hold around $1.09. Add to that the monthly pivot around those levels as well, and that is about all the best technical incentives buyers can have to pick up Ripple. 

XRP/USD daily chart
XRP/USD daily chart

To the upside, the blue descending trend line might limit the upside for now. But once above $1.2, it will be smooth sailing for buyers to run Ripple back up towards $1.42 for a retest of that level. Buyers need to be patient and do not hand over price action too quickly. Partial profit taking should occur, but full offloads of positions will make any further upside potential very limited.

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