- XRP bulls entered last week and halted the bear-run from $1.42.
- Buyers are trying to push the price back above $1.09.
- A weekly close above $1.09 would spell 20% gains in the coming two weeks.
Ripple (XRP) bulls have been very patient before getting in the price action. After the lateral move for three weeks, sellers took control at $1.42 and made buyers quickly book gains. XRP bulls are now returning with a solid technical play upwards and going for the retest at $1.42.
Ripple price action is favoring bulls and sets $1.42 as a profit target
Ripple sellers got stopped in their tracks and got halted from any further gains at $0.93. Around that level, bulls started to pick up XRP again as the 200-day Simple Moving Average (SMA) offered a good base for a long. This way, the rally got formed, and the green ascending trend line acts as the backbone of that rally. Price action in XRP is getting pushed further upwards and is breaking above $1.09. This brings the bulls back in the range trading place where XRP’s price action was stuck for almost a month.
It will be essential for the price action in XRP that bulls can close the week above $1.09. This will confirm the soundness of the rally and will add doubting buyers to pull the trigger and get in for a long to that $1.42. Sellers on their side do not have many levels where they can go for a short entry. Around $1.36, some resistance could occur, where sellers will try to stop the retest of $1.42. With their access at $1.36 and their stops placed above $1.42, bulls will have the advantage to build momentum and price action could be translated in a quick pop higher as those stops will be ran, up to $1.50.
Should sentiment turn for the worse during the weekend, wait for the green ascending trend line break. This would confirm that bulls are backing off, and sellers will flock in on the signal when the green ascending trend line breaks. In that case, expect a run towards $0.78, which falls in line with the monthly S1 support and has not yet shown its support for this month.