• XRP price gets a strong bounce and support against critical Ichimoku support.
  • Bullish breakout is likely if XRP can close at or above $1.21.
  • Low risk, high reward buy opportunity ahead.

XRP price has been a source of frustration for bulls and bears alike. Considering that XRP has spent forty-five of the last fifty-one days trading either entirely inside the Cloud or partially inside the Cloud, it’s no wonder why that frustration has occurred.

XRP price positioned for a bullish breakout; the target is $2.50

XRP price could be ready for a massive, explosive move higher. Initially, XRP looked poised to begin its breakout on November 3rd, but it promptly sold off and returned inside the Cloud. After that, however, bulls stepped in and confirmed support against the Kijun-Sen, Tenkan-Sen, Senkou Span A and Senkou Span B – all within the $1.09 to $1.14 value areas. If the test of those Ichimoku levels confirmed support, then a buying opportunity may present itself.

The hypothetical long trade idea would be a buy stop order at $1.21, a stop loss at $1.07 and a profit target at $2.50. An aggressive entry would be right when XRP price hits the entry-level, whereas a conservative entry would wait for a daily close around that entry-level before committing. The stop loss is placed just below the Cloud. The profit target at $2.50 is based on how close the 161.8% Fibonacci expansion level ($2.31) is from the psychological number of $2.50.

XRP/USD Daily Ichimoku Chart

As bullish as the current intraday price is, caution should be maintained. XRP price action has given multiple buy opportunities over the past two months, but buyers have shown zero follow-through. Any failure to attract buyers above $1.22 could position XRP for another fakeout. In addition, the bullish bias will be invalidated if there is a new daily close below $1.00.

 

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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