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Should you buy XRP as the charts are pointing to an imminent spike?



Ripple (XRP / USD) traded 1% lower on Friday after climbing as much as 7% on Thursday. Ripple is down over 40% from its highs of $ 1.34, which it hit in November. So it looks like an attractive time to buy Ripple.

Ripple has some great fundamentals that can support price over the long term, so this slump could be a great opportunity to acquire Ripple. Ripple is up over 5% this week, suggesting a price reversal. However, should you buy Ripple now?

  • Ripple has been in a side trend since August and is consolidating as a false breakout was also seen earlier this week when the price fell below $ 0.83. So if Ripple is able to get back into the zone, a bullish view can be confirmed.

  • It looks like ripple is forming an inverse head and shoulders pattern. This could be a great bullish pattern. Long entries can be made by retesting the price at $ 0.88. Ripple may start moving towards the upper resistance at $ 1.34 if an inverted head and shoulder is seen.

  • The RSI is also at the support level and is extremely close to the oversold zone. Hence, buyers could return soon, which should start a rally soon.

  • Long entries should only be made above the USD 0.88 zone as a bullish bias can only be confirmed once Ripple is in this zone. Therefore, all long entries below the zone should be avoided.

  • Investors can set a target of $ 1.2, followed by $ 1.34. Still, investors should keep a stop loss below the USD 0.88 support zone.

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