Will XRP Surprise in 2024?

As a new trading week begins, BITmarkets brings you the latest insights into the cryptocurrency market. If you still have XRP in your portfolio, the coming days or weeks could bring a significant price surge.

After nearly two years of consolidation, XRP might be poised for a breakout. Whether you already hold Ripple or are looking to capitalize on its potential, now might be the perfect time to act.

Daily time frame analysis

XRPUSD - 1 Day Time Frame

While XRP experienced a price drop in early September, this was part of a broader market downturn and does not reflect any specific fundamental issues with Ripple. One positive outcome of this decline is the removal of initial liquidity, creating an opportunity for larger volume trades, particularly from institutional traders.

Last week, the price regained its bullish momentum, forming two strong support zones: the inversion fair value gap and the classic fair value gap. The key difference between the two is that the inversion gap emerged from a previous resistance zone.

When to buy XRP?

For traders considering entering a buy position, we have established specific criteria for managing open trades. The primary stop-loss order should be placed below the internal low.

However, a more aggressive stop-loss can be set below the higher low since the first support zone is fully balanced, reducing the likelihood of the price dropping below this level.

The initial take-profit level is set above the external high. Yet, it is also possible to sell a portion of your position before this target is reached if the price closes the singular fair value gap—the support zone—with the body of the candle.