Ripple had a violent dip on September 7, affected by big risk-off events with Bitcoin BTC and global markets. Price action calmed down significantly on Wednesday as the dust settled, and market participants are redoing their homework on Ripple's opportunities.
And they are right to do so, as Ripple XRP price action is in position for a perfect fade-in trade that could bring XRP price action back towards the $1.40 level in just a matter of days.
The range of the fade lies between $1.05 and $1.10 level. These levels have shown their importance since August 11. The $1.10 upper band has held multiple times XRP price action to the upside as the first level of support. And the lower $1.05 has acted each time as a fail-safe system if the $1.10 level could not hold for support.
Smack in the middle of that system, the purple descending trend line, originating from April 14, comes into play and still might have some importance to hold around the $1.09 level. Add to that the monthly pivot around those levels as well, and that is about all the best technical incentives buyers can have to pick up Ripple.
To the upside, the blue descending trend line might limit the upside for now. But once above the $1.2 level, it will be smooth sailing for buyers to run Ripple XRP back up towards $1.42 for a retest of that level. Buyers need to be patient and do not hand over price action too quickly. Partial profit taking should occur, but full offloads of positions will make any further price upside potential very limited.
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