• XRP price continues to exhibit a persistent, albeit slow, move higher towards the critical $1 value area.
  • Dips continue to get bought up.
  • No immediate signals warning of an impending corrective move.

XRP price continues to trudge higher and higher with little in the form of volatility. Dips continue to get bought below and above the Tenkan-Sen while any major spikes are likewise sold. The overall trend higher, however, remains consistent over the last thirty days.

XRP price to maintain its current trending behavior

XRP price action closed on Tuesday below its open but remained above the daily Tenkan-Sen and the 38.2% Fibonacci retracement at $0.84. Price action remains at the beginning of an Ideal Bullish Ichimoku Breakout, with bulls awaiting the necessary spike from that entry pattern for confirmation of lift off. Bulls have been unwilling or unable to provide it so far, but a gradual rise is still expected, despite the lack of a major and sustained spike.  

One of the most critical warnings within the Ichimoku Kinko Hyo system is to avoid trading against an instrument trending in tandem with the Tenkan-Sen – sometimes referred to as holding hands due to how close they are. XRP price is an example of an asset that is ‘holding hands’ as price and the Tenkan-Sen have remained very close as it has steadily risen over the past two weeks. Unfortunately, that behavior is likely to continue.

XRP/USD Daily Ichimoku Kinko Hyo Chart

From an Ichimoku perspective, there is little in the form of resistance to prevent XRP price from revisiting the $1 value area.

Downside risks remain a concern. However, in the event of any selling pressure, several support zones now exist that would likely mitigate the range of any unexpected drop. The first is the 38.2% Fibonacci retracement at $0.84, the second the Kijun-Sen at $0.805. The final and strongest support zone for XRP price is Senkou Span B at $0.73. Failure to hold above Senkou Span B could trigger a flash crash towards the $0.50 value area. 

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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