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Should you buy the dip in XRP on Friday

XRP(XRP/USD)  was trading almost 4% in the red on Friday, and after a month of consolidation, XRP could finally give a huge breakout. The dip on Friday could be an opportunity for investors to buy XRP; however, will XRP dip even lower in the coming days?

Here are what the charts say-

  • XRP has formed a symmetrical triangle and it also gave a false breakout on Thursday as it failed to sustain over the trendline, this is suggesting that XRP will fall even lower in the next couple of days. Thus investors should avoid taking long entries until a reversal is seen.

  • A bearish RSI divergence was also seen and this could be the start of the correction. 

  • After the false breakout, XRP is looking like it’ll test the lower trendline and a bounceback could be seen from $1.085.

  • A long entry can be taken if a reversal is seen and cautioned investors could wait for a breakout.

  • A target of over $1.41 can be set and a long-term target of $1.7 followed by a new all-time high can also be set.

  • A stop-loss can be set at $1.0122 as XRP could break down from the trend line as well.

Conclusion

XRP is looking like it will break out from the upper trendline soon however investors must be patient as XRP is looking weak and will fall further below. Investors should look for long opportunities at the $1.085 zone.

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