Could XRP’s Upcoming Fall Help Traders Win a Massive Jackpot?
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XRP has taken advantage of its recent victory by experiencing a massive price spike. Although it could be triggered by the buyer’s entry into the market, XRP climbed up the ranks among the top cryptocurrencies based on MarketCap, according to CoinMarketCap. Currently, the altcoin is trading between its intraday low of $0.7045 and intraday high of $0.7271. However, it seems closer to the intraday low level as it is priced at $0.7114.
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XRP/USDT 1-Day Chart (Source: TradingView)
Moreover, the candlesticks seem to be forming a double-top pattern. However, it is too early to determine this as only the first peak has been formed. If the candlesticks are forming a double-top, there may be a chance that the XRP would close its trade at $0.8203 and fall again. The reason why XRP would reach the aforementioned level is that the altcoin formed its first peak at this level before.
XRP/USDT 1-Day Chart (Source: TradingView)
Looking at the above chart, XRP observed a price action in five sections. Moreover, the altcoin, in the past, formed a double-top pattern, which caused XRP to fall. After the first double-top, XRP made a similar pattern, ultimately, causing it to trade between the $0.4 and $0.3 level for a long period of time. Let’s say, if we bought XRP at the green circle levels, and closed some of the trades at the red circle, there may have been a chance of earning profits.
Similarly, the upcoming double-top could be seen as a buying opportunity at the same green circle levels. However, it should be noted that XRP’s current trajectory could be a bounce away from its current support level at 0.7112, and finally breaking its resistance level. In both these situations, XRP may be profitable in the long term period, if traders purchase it now.
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