What a day it has been for Ripple price action traders. Over the weekend, a new group of retail investors amassed on Telegram and asked members to prepare to “Buy and HODL” XRP tokens. By the open of trade on Monday, XRPUSD pair had surged 50% as news of the pumping action spread around the world. However, it appears this move has backfired big time, as the price has not only reversed from the intraday highs but is now in negative territory for the day.
Ripple price is currently down 11.04% as profit-taking ended up upending new investors and new entrants into the action. Apparently, some people decided to get in earlier than the planned purchase period. If you were probably HODLing XRP tokens, you would probably be in the red by now.
Today’s Ripple price action shows just how risky it can be to follow pump and dump schemes, which carry a huge potential for risk.
Technical Levels to Watch
The pump sent Ripple price towards the 0.74889 resistance, where it met with a quick reversal of fortunes and set off a hefty retracement move that has now sent Ripple price into negative territory. This downside move found support at the 0.39473 price mark. This retracement move appears to have stalled with a price bounce that has taken the price to the 0.43990 resistance level.
A break of this area sends Ripple price back towards the 0.50650 price mark, with 0.59059 emerging as the next upside target as bulls aim to retake control.
On the flip side, failure to recover the 0.50650 price mark could set off more selling, targeting 0.38473 initially, with 0.33146 and 0.30984 also lining up as additional targets to the south.
Ripple Price; Daily Chart