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08/20 11:14Бичачий

XRP Price Explodes 6.6%: Here Is the Next Target

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XRP Price Explodes 6.6%: Here Is the Next Target $XRP has just produced the cleanest bear trap on the daily chart in months. Price opened at $1.00123, sliced below the dollar to a low of $0.99524, then reversed hard to close at $1.06738, up 6.62% on the day. Anyone who shorted the breakdown below $1 was underwater within hours. Why $XRP Price is up today The market-wide catalyst was the US Treasury doubling its long-dated bond buybacks, which pushed yields and the dollar lower in what traders quickly labelled "QE Lite." Risk assets rallied across the board. $XRP's move, though, has a second component that is purely technical, and it is more interesting than the macro story. The play-by-play Step 1: The setup. $XRP had been bleeding lower since late July, grinding down from $1.15 toward the dollar in a steady sequence of lower highs. By mid-August it was pinned directly on $1.00, the most watched round number on the chart. Step 2: The break. Price finally gave way and traded to $0.99524. On paper, a horizontal support that had held for over a week was gone. That is the signal short sellers wait for, and stop-loss orders from long holders sit directly beneath it. Step 3: The trap. The breakdown lasted a matter of hours. Price snapped back above the dollar and never looked back, running to an intraday high of $1.07400. From low to high, that is a 7.91% reversal in a single session. Step 4: The close. $XRP finished at $1.06738, comfortably back inside the range it had supposedly just left. A support level that breaks and immediately reclaims does not weaken. It strengthens, because the market has now demonstrated there were buyers waiting under it. Why this one matters more than usual $XRP has been the worst performer among the majors this year, down more than 43% year to date. It has spent months making lower highs while everything else at least held a range.

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