XRP price slows down as bulls await proper discount for re-entry

  • Ripple price has gained 18% in the last two trading sessions.
  • XRP price sees buy-side under pressure as sell-side volume picks up.
  • Bulls in XRP will stay sidelined until proper entry for a breakout towards $1.45.

The Ripple (XRP) price has been on a tear on Sunday and Monday, with the breakout barely touching $1.3590. XRP price is seeing some profit-taking on Tuesday as the buy-side starts to dry up and the sell-side sees a pick-up in volume. With current favorable tailwinds and Bitcoin making new highs, expect the uptrend to stay intact, as current profit-taking should offer an entry for new buyers to come in.

XRP price under profit-taking before the next breakout

XRP price saw its current rally start on Saturday, after a clear rejection on the bears at $1.0963. Bulls had both the historical level and the green ascending trend line as two technical reasons for a long XRP position in their corner. XRP price shot up around 18% but is starting to fade now in the wake of $1.3590. That level is the last resistance before hitting $1.4218. 

XRP price will continue to be under some profit-taking as the buy-side volume starts to wear thin. Buyers are a bit reluctant to buy Ripple coins as the Relative Strength Index (RSI) is just inches away from the oversold label, which would limit any further upside potential straight away when entering a long position now. Expect buyers to hold off and wait for a discount in XRP price, with the RSI more pointing towards 50, before XRP sees a pick-up in buy-side volume again.

XRP/USD daily chart

XRP/USD daily chart

Expect XRP price to correct a little bit further down towards $1.2464 or $1.15. This would mean that XRP would bounce off either the historical pivot level or the green ascending trend line, which would offer bulls a nice discount in XRP price action. If the green ascending trend line does not hold, expect $1.0963 to defend the uptrend, and offer the proper incentive for bulls to make a breakout. 


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