Will XRP Price Lose 20% Market Cap After Rising To $0.56?
- XPR price is up 50% in a week.
- The RSI has reached very overbought territory.
- A break above the top at $0.56 will invalidate the bearish theory and could lead to a rally to $0.61.
XRP price made impressive gains during the third trading week of September. However, all markets undergo corrections at some point. Traders should look for a potential 30% correction before more upside action occurs.
XRP Price Moons!
The price of XRP was a nostalgic cryptocurrency to trade this week as the digitizer showed the very classic Elliott Wave lines to enable swing traders to enjoy a true bull market environment. Ripple price is up more than 50% this week, reaching a high of $0.559 during the ASIA overnight session.
The price of XRP is currently at auction at $0.50. A clear impulsive five-wave pattern appears on smaller time frames while the RSI has breached extremely overbought conditions. The Fibonacci retracement tool surrounding the maximum high is showing the 61.8% Fibonacci level at $0.45. A drop at this level would be a 20% drop from the highs identified recently.
3 Hours XRP USDT Chart
The volume profile is constantly decreasing on each merge while more volume flows in during impulsive spikes. The volume pattern indicates a potential for $0.60 XRP in the coming days, but a drop to $0.45 presents a high chance of that happening. A break of the $0.5590 high could invalidate the $0.45 pullback theory and start the next wave in the process.
In the following video, our analysts dive deep into Ripple’s price action, analyzing key levels of interest in the market. -FXStreet Team