XRP price is technically all about triangles, Ripple eyes $0.80


  • XRP price had a good run this weekend, coming off the low of $0.627 from Friday. 
  • The negative turn this morning bounced off a multi-week descending trend line. 
  • With another triangle formation, Ripple is made or break for the run higher toward $0.784.

XRP price was blessed as well this weekend with the overall positive recovery in cryptocurrencies. The majors like Bitcoin and Ethereum made solid profits, but sentiment shifted on with profit-taking that erased the gains from the past weekend. 

XRP price still has a chance to shoot higher

Ripple made a solid recovery this weekend, coming from $0.626 toward $0.707, a 13% move to the upside that got squared during the Asian session on Monday. The top cryptocurrencies could not hold their gains and dragged the rest of the market with them to the downside, pairing losses. 

That does not mean there is not more upside though. The trend broke lower when XRP price broke the symmetrical triangle to the downside, testing $0.626. Ripple moved higher after a bounce off that level toward $0.708, which looks to fall in line with the high of the candle that caused the break to the downside out of the extensive triangle formation from last week. 

In the meantime, it seems like this weekend XRP price entered a new triangle that is squeezing it into a smaller range with higher lows and lower highs. Again a break to the downside looks set, but a test at $0.626 should be a signal for buyers to come back in. 

The reason for buyers to step in is the fact that nothing fundamental has changed to the markets. Overall risk-on sentiment in markets globally is still present, and negative news surrounding cryptocurrencies and legislation is falling into the background.

XRP/USD daily chart 

XRP/USD daily chart 

The break to the downside in XRP price out of the smaller triangle should not be a red flag for buyers. Just below, Ripple has the $0.626 level that held during the weekend to the downside. Should Ripple break lower, look for the $0.50 marker as an excellent position to buy the dip.

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price bound for another dip before 40% rebound

Ripple (XRP) price could not withstand the correction that has gone through the cryptocurrencies this week. Several significant cryptocurrencies and alt-currencies were on the downside, with prices retreating to fundamental support levels.

More Ripple news

Cardano Price Prediction: ADA bulls saved by historical $1.89 support level

Cardano (ADA) price has been on a downward trajectory since the beginning of this week after ADA twice broke a supporting ascending trend line. With those two supportive elements so close to each other, sellers had two excellent entries to play out their short positions.

More Cardano News

SafeMoon prices hints at bullish outlook with a 30% potential

SafeMoon price experienced a massive downswing over the past month and has finally revealed an optimistic outlook. This development could see SAFEMOON rally and set up a temporary swing high.

More SafeMoon News

Dogecoin among top choice for AMC crypto payments

AMC Theatres recently announced that the theatre chain would start accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash by the end of 2021.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP