- 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
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.
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.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?