- XRP price moved up quickly yesterday and passed a significant level of resistance.
- Today Ripple price needs to hit a new high and close above the weekly pivot to prove the rally is solid.
- Sellers will be on the lookout for levels at which short-term buyers want to take profits.
The XRP price recovered yesterday after a few days with consequential losses. The $ 0.52 level that started with the 23rd low.
XRP price is already out of breath
The favorable tailwind in global markets and the new attention from Jack Dorsey and Elon Musk raising Bitcoin do not appear to be supporting any further uptrend for the remittance coin.
On the flip side, the XRP price has a next profit target of $ 0.60, which is in line with the weekly pivot. But price action isn’t even able to get there.
Instead, the daily candle is starting to look like a bearish hammer, and that could mean a storm on the horizon for Ripple.
XRP / USD daily chart
A rejection of the weekly pivot seems like a possible outcome for today. Buyers will see this as a sign of weakness and will begin to take profits. This will be the queue for sellers to take over again if they haven’t already.
Expect the price to move back towards $ 0.54, which is in line with the weekly S1 support level. If price fails to recover from this, expect another drop towards $ 0.52 where buyers got in yesterday. That will undoubtedly be broken, and buyers will be excluded from their trades at $ 0.50-0.48.