Reading time: ~2 m
The price of XRP is a perfect example of the huge volatility that made the token explode. Now this dynamics has slowed down as investors continue to take profits. Meanwhile, XRP has slipped into the demand zone and has shown incredible resilience, hinting that a new rally may soon begin.
From September 7 to September 23, the price of XRP rose by 79% and set a local high at $0.559. This explosive rally broke through the $0.331 to $0.464 range, subsequently facing a 25% pullback to the $0.381 to $0.433 demand zone.
And while the price of XRP recovered 7.5% after the indicated demand zone was marked, investors should remain vigilant and look forward to retesting the midpoint of the range at $0.397. A recovery above the range high at $0.464 would be a secondary signal for the start of the next phase.
In this case, market participants may consider the $0.561 to $0.596 resistance area as the next target for XRP. This move would represent a 25% gain from the current position of $0.447.
XRP/USDT daily chart
If the price of XRP comes under a sudden burst of selling pressure, which pushes it to close the daily candle below the limit of the aforementioned demand zone at $0.381, this will cancel the bullish scenario. In this case, the price of XRP will return to the low of the range at $0.331.
#Profittaking #rule #upward #rally #XRP