- Ripple consolidates beyond a crucial support area.
- A three-day close beyond this interesting zone has always indicated bullishness.
- Validating the area might reveal a 30% breakout within the upcoming weeks.
Ripple price consolidates beyond a crucial demand territory, hinting at two cases: strong bulls and sidelined buyers might FOMO upon breakouts. Such narratives had the remittance token eyeing upside targets.
Ripple Price Appears Repetitive
Ripple price seems to have formed a descending parallel channel that offered support since the altcoin plunged from its ATH. Surprisingly, the initial three-day close beyond the channel’s median trend-line triggered additional price surges of more than 20%.
9 February sessions had XRP gaining 39% within a day. Such an impressive bullish impulse seems to have originated from stop-loss orders executed precisely at the parallel channel’s median trend-line.
However, the 9 February week saw sell-offs, sending Ripple price down to its previous support regions. The downswing moves saw investors joining the marketplace to accumulate at discounted prices as XRP consolidated beyond critical support.
Though the cross-border transaction token remains technically downbeat, investors should consider XRP among the digital coins with early entries. XRP may never fulfill orders executed within the buying territory from $0.64 to $0.68 as market makers might challenge near-term sellers around $0.90 instead.
With such cases, interested investors may be early buyers. However, they need to beware that the altcoin might still suffer sell-offs. It may be superior to place safety stop-loss orders beneath the $0.62 swing low, which offers a 2-1 pattern with a steady invalidation zone staying 14% beneath XRP’s current price.
Meanwhile, a break beneath $0.62 will cancel the optimistic thesis. With that, the remittance crypto might plunge to challenge the lows of $0.54. Such cases might see XRP printing a lower low around $0.44 towards the parallel channel’s opposite side.
For now, XRP consolidates beyond a critical support level. Remember, the remittance token has seen bullish movements after a three-day decisive close past this area.
Invalidating the level might trigger a 30% breakout for Ripple. Nevertheless, broad market sentiment remains crucial for the token’s directional bias. For now, the crypto space appears on massive bullishness. Keeping such trends will support XRP’s upside.