• XRP price had a solid profitable day yesterday, bouncing off a strong support level.
  • The reclaim of $0.6263 is pushing the Ripple back lower again. 
  • The global glut in cryptocurrencies looks to have found its bottom and should be set for a recovery  soon.

XRP price has not had the best series of numbers in the past few days. With the push to the downside and monthly pivots each time broken to the downside, Ripple is fishing in the bottom for some support.

XRP price is going sideways, awaiting the tailwind to move higher

With the global muted price action in cryptocurrencies this week, many investors take the time to reflect and look for solid entry points to go forth on for their strategy. 

XRP price was in favor of that approach yesterday, with an entry point revealing itself at $0.5852. The entry point fell in line with the monthly Support S1 and was the low of the trading session on June 27. Look at it as one of the first lines of defense before Ripple can talk about $0.50.

The level looks to be holding up for now. The candle itself from yesterday looks healthy as well and almost qualifies for a “hammer”. The body on the upside is not thick enough, but it looks solid enough to allude to a change in sentiment. That got confirmed by the reclaiming of the $0.6263 level.

XRP price is creating a double top and higher lows, so the squeeze from buyers against the sellers is taking place.

Should Ripple break above $0.6263, then expect further upside potential toward $0.70.

XRP/USD daily chart
XRP/USD daily chart

If XRP price is squeezed to the upside, it will be essential to see if it can close above $0.6263 by the end of this week. A weekly close above there would be crucial for any further upside potential, confirming that buyers have taken over the price, and a more solid upside is in the cards.

On the flip side, failing to consolidate above could lead to further sideways price action with a retest of the barrier at $0.5852. If that breaks, expect XRP price to move toward $0.55 that falls in line with previous months' S2 support and June 25 low.

 

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

Bitcoin price sees traders balancing on the sharp end of the blade

Bitcoin price sees traders balancing on the sharp end of the blade

Bitcoin price action is slowly but surely trying to move north on price charts as traders try to continue and hold on to the momentum that started on Monday morning.

More Bitcoin News

Litecoin Price Prediction: LTC stalls at a crucial threshold

Litecoin Price Prediction: LTC stalls at a crucial threshold

Litecoin price is trying to find its footing after lifting from support reinforced at $50.50 and topping out at $55.72. This northbound move would have pushed the token out of a narrow-ranging channel. 

More Litecoin News

Dogecoin price and on-chain metrics forecast 35% rally for DOGE

Dogecoin price and on-chain metrics forecast 35% rally for DOGE

Dogecoin price has been stuck trading between two barriers since August 28. The recent attempt to push through the upper limit indicates that DOGE buyers are ready to push it higher. 

More Dogecoin News

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price seems to have undone its breakout gains seen in the last week of September. This downtrend has morphed into a tight consolidation showing no volatility.

More Crypto.com News

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP