XRP will make it to $1.50 with little to no opposition


  • Ripple made it out of the correction with slight losses.
  • Price action is looking healthy for another jump higher. 
  • If XRP can take out the $1.40 price target this week, next week should see $1.50 as subsequent interest arises.

Ripple price (XRP) made it out alive after the violent spike higher on August 14. Although price action looked promising for another leg higher as on August 15, the low of the day bounced off the purple descending trend line. Profit-taking got in the way, however, and Ripple dipped lower, awaiting a pick-up from buyers again.

Ripple is in a textbook play that looks promising for the next leg up

Buyers stepped in when price action dipped below $1.09. What followed were three consecutive days of profit and price action getting back above $1.30. Sellers and profit-taking tried to squeeze out buyers from their long positions on August 21, but that failed as Ripple again bounced  off that purple descending trend line originating from April 14. This shows that the purple descending trend line is a force to reckon with and that buyers have levels along the descent marked up on their bulletin boards. 

Short term, XRP can run against $1.35, which is the high from last week and is forming a little bit of a cap for the moment. A retest is due, and it should be healthy for the rally if XRP can tick $1.40 This way short-term profit-seekers will be washed out in their profit-taking and buyers can pick up Ripple again below $1.40.

XRP/USD daily chart
XRP/USD daily chart

With the play's unfolding, expect Ripple to jump higher again as only buyers will stick to their position and  not forfeit to any sellers looking for a short in the price action. Price will run higher as sellers start looking higher up to begin shorting, putting buyers in control of the price action once again. Once above $1.40, the following logical price target will be $1.50, which would be durable by the end of next week, depending on general risk-on sentiment in the markets acting as an additional tailwind.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price to erase half of the losses incurred and tag $0.000028

Shiba Inu (SHIB) has shed around 40% of its value due to concerns in global markets about the FED rate decision this evening against a background of geopolitical turmoil.

More Shiba Inu News

XRP presents buying opportunity before breakout to $1

XRP continues to test a new support zone in the $0.60 value area. Bottom likely in for XRP, relief rally, or trend change incoming. The Point and Figure chart shows a bullish entry opportunity.

More Ripple News

Cardano primed for relief rally towards $2.20

A brief technical and on-chain analysis on Cardano price. FXStreet's analysts evaluate why ADA could rebound swiftly. 

More Cardano News

IMF pushes El Salvador to drop Bitcoin as legal tender

The International Monetary Fund (IMF) has told El Salvador to remove Bitcoin’s status as legal tender. The IMF directors stated the move was due to concerns around financial stability, integrity and consumer protection.

More Cryptocurrencies News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP