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XRP price must smash through these obstacles before the bulls send Ripple to $1

Traders can long Ripple at this level for 20% gain

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Traders can long Ripple at this level for 20% gain

by marcell.major
December 10, 2022
in XRP
0


  • XRP price struggles to move above the $0.400 hurdle as volatility disappears.
  • A retest of the FVG, extending from $0.368 to $0.363 is a good place to enter long position to realize 20% gains.
  • Invalidation of this bullish outlook will occur if Ripple bulls fail to defend the $0.349 support level.

XRP price shows a clear sign of disappearing volatility, leading to a tight consolidation. Over the next three days, Ripple is likely to breakdown, retesting a critical inflection point and triggering a rally.

XRP price ready to make a move

XRP price has been consolidating above the $0.372 support level, producing a string of lower highs.The setup looks bearish and investors should expect a breakdown, leading to a quick pullback. 

The downtick, however, will knock XRP price down to retest the $0.368 to $0.363 area, which has an imbalance and is termed Fair Value Gap (FVG). This area is where interested investors should consider buying Ripple as the chances of a reversal at points of imbalance are high,

A resurgence of buying pressure at this level could trigger a quick run-up for XRP price. If this move allows the remittance token to flip the $0.40 hurdle, it is more than likely to target the $0.448 resistance level. 

In total, this XRP price move will constitute a 21% upswing and is likely where the upside is capped.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

While things are looking up for XRP price, a breakdown of the $0.349 support level will create a lower low. This development will skew the odds in bears’ favor and invalidate the bullish thesis. In such a case, market participants can expect XRP price to revisit the $0.316 foothold to regroup and plan its next move.

 



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