XRP Price Prediction: A Potential knife-catch scenario underway

XRP chart

In Short

  • XRP price invalidates the triangle thesis. Still, a 30% rally remains in the cards in the coming days.
  • XRP’s volume during the current sell-off is low compared to the volume witnessed during September’s bull run.
  • Invalidation of the bullish thesis is a breach at $0.35.

XRP price could be entering the bottom stages before the next rally occurs. Key levels have been identified.

XRP price could make a move

XRP price could be setting up for a profitable knife catch opportunity. On September 27, the bears flexed their power and invalidated the triangular pattern that coiled around the $0.47 price level. In doing so, the bulls now stand a chance to really into much higher targets in the long term as the triangle’s invalidation also deems an entire trend reversal as less probate.

XRP price currently auctions at $0.4312. The bulls have lost grounds at the 8-day exponential moving average at $0.45, while bears are likely aiming for the 21-day simple moving average at $0.40 in the process. 

XRP USDT 1-Day Chart
XRP USDT 1-Day Chart

Although the downtrend is steepening, the bear volume is still less than the volume witnessed during the 70% rally a week prior. If the volume remains tapered, the XRP price will stand a chance to rally impulsively once more in the coming days.

A conservative target will be a 30% rally towards the $0.56 price. Invalidation of the bullish thesis is a breach at $0.35. If the bulls were to tag the $0.35, the entire uptrend would be in jeopardy. The bears could be able to send XRP price into the summer lows at $0.28. Such a move would result in a 35% decrease from the current market value.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.