XRP price presents buying opportunity before Ripple hits $1
- XRP price continues to consolidate in the $0.80 to $0.85 value area.
- A new higher low and bullish divergence point to an imminent drive-up.
- The downside risks remain but are limited in scope.
XRP price has yet to recover from the intense selling pressure on Thursday. Still, it has been able to prevent a daily close below the Kijun-Sen, maintaining the present Ideal Bullish Ichimoku Breakout.
XRP price needs to close at or above $0.85 before continuing higher
XRP price action has been stuck between the daily Tenkan-Sen at $0.846 and the Kijun-Sen at $0.817. Wicks have shot above and below those Ichimoku levels, but the bodies have been limited to the range between the Tenkan-Sen and Kijun-Sen.
A close at or above $0.85 would put XRP price above the Kijun-Sen and a high volume node in the Volume Profile for bulls. A quick spike towards the weekly Kijun-Sen at $0.95 would be the next significant resistance level the bulls need to contend with.
A return and breakout above $0.85 is increasingly likely, especially when analyzing the Composite Index. Compared to the trough from March 15, 2022, the current swing low in the Composite Index displays a lower low. The XRP price levels, however, show higher lows. This is a condition known as hidden bullish divergence – a warning that the prior uptrend will likely continue soon.
Downside risks remain a concern but are likely limited to the top of the Ichimoku Cloud and the Volume Point of Control between $0.74 and $0.75. The greatest danger for XRP price bulls is if Ripple closes below the Ichimoku Cloud at or below $0.732.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
