- The Ripple course surfs on the good mood among cryptocurrencies.
- XRP buyers have been in control of the price since mid-July and have removed some key resistance.
- An upside breakout could send XRP to $ 1.50 and short-term profit-taking.
The Ripple buyers have the XRP price action under their control and leave few opportunities for the sellers to make money. Some past important levels have been broken but the rally looks very healthy.
Buyers control the XRP – further upside moves are pending
The Ripple price took a big leap up on Saturday, rising 22%. Buyers ousted short sellers trapped in a bear trap. The XRP was prevented from moving higher at $ 1.10 and made a double top last Friday. Sellers wanted to enter a short position to push the price back towards $ 1, but failed. It then broke the above $ 1.10 area and easily rose toward $ 1.30.
Today the price seems to be hovering around the same level but the rally is still very strong. The yellow trend line at XRP forms a kind of upper limit between $ 1.30 and $ 1.40 for the next few days. As long as market sentiment persists, the rally can be expected to continue. The next interesting level is at $ 1.50, which is just below the R1 weekly resistance. This is a double cap at which sellers are likely to try to stop the rebound on a fresh run.
XRP / USD daily chart
Buyers shouldn’t be eager to sell their positions anytime soon. Should the sellers succeed in attempting to stop the rally or should market sentiment turn 180 degrees down, the purple descending trendline around $ 1.20 should provide support in the coming days. A little further down, XRP has the weekly pivot at $ 1.13 and $ 1.10, where XRP has last week’s double top that should now serve as support. Between last week’s pivot and double top, this area should be perfect to get started with before moving up.