|

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.

XRP/USD Daily Ichimoku Kinko Hyo Chart

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

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.

More from Jonathan Morgan
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.