fxstreet.com
- XRP price has breached the parallel channel for the 4th time
- Ripple price volume is turning in favor of the bulls
- A break below $0.78
XRP price is pouring gasoline onto its' FOMO flame as the price is hovering above the broken daily trend channel at $0.89. Investors appear to be coming back into the market with more optimism.
XRP price may be hinting at a bullish breakout
XRP price is now the center of the crypto world's attention as the bulls have breached past a breakout level and the weekly parallel trend channel. This scenario is super bullish for the remittance token as the fourth touch of a trendline is often referred to as the catalyst before a rally.
With the XRP price resting just above the upper trend line at $0.89, the international remittance token looks poised to make an impulsive statement.
Ripple price does not seem to worry the bulls, as the token has been troubled with SEC allegations since early 2021. XRP price may breach the $1 zone soon. Psychological whole numbers coupled with an upcoming Fed decision on XRP spells a scenario for massive hype and FOMO.
XRP price volume also suggests there may be an exchange of hands from sellers to buyers as there is a slight uptick in a recent volume on the 9-hour chart.
XRP/USDT 9-Hour Chart
Traders should consider investing with an invalidation level, as Ripple price has historically been known to make weak hands capitulate. A tight stop loss could be $0.78, which is the swing low on the 9-hour chart before the break of the daily trend line.
If the price were to come back to this level, overzealous traders might have to lessen their load, resulting in a price drop back to $0.74 and possibly $0.70, resulting in a 21% dip from the current price.