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XRP Price Analysis: Test of Support after Fake Breakout

#Ripple #XRP
  • XRP price in fake breakout
  • Untapped liquidity above resistance
  • Possible re-test of support levels

1 Hour XRP/USD price chart

XRP price surged yesterday to $0.31500 in what later appeared to be a fake breakout. The price immediately pulled back into the consolidation zone around 30 cents. The closest support is $0.29400 and XRP price is heading toward that level. We may also see the price level of $0.28900 to be tested as XRP price will search for liquidity below current support levels.

It is important to note that during a recent fake breakout above resistance levels, the price failed to tap into the liquidity pool above $0.31500 stopping just short of that move. This may indicate that the general trend will not change and after testing, support XRP price will again re-test resistance above $0.31500.

Chart source: Tradingview

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