- XRP price continues displaying low volatile behavior on the daily chart.
- There is no bearish indication at the moment.
- A daily close below $0.74 will invalidate the bullish thesis.
XRP price is still coiling within a pennant formation as it trades at around $0.79. The low volatile market condition is indicative that a breakout is coming, but evidence of the rally’s emergence has not yet arrived.
XRP price is back in snooze mode
XRP price went from the calm before the storm to hardly any drizzle as price action has been very mundane lately. Low volatile environments like these are usually halted with abrupt surges in price actions, so traders should not veer too far away from the remittance token. The green trend line should help XRP bulls sleep at night as the price is still being respected on the daily chart.
XRP price is ultimately in need of more consolidation time. All indicators are pointing up, so we will likely see price surges in the future as the coiling trend lines will eventually squeeze the current price action. It may be best for traders to consider not being early buyers and save their buying power for more promising markets.
XRP/USDT 1-Day Chart
Still, it's understandable for XRP enthusiasts to want to know every alternative scenario to invalidate the bullish sentiment. The easiest invalidation will be a close below the trend line on the daily chart. Secondly, if this happens price should impulsively head back to visit $0.72 and retest the supply zone at $0.67 up to 17% below current prices. Traders could then look for early buy signals as the long-term trend of XRP price still looks very bullish.
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.