Can the latest attempt from Ripple bulls push XRP price up by 17%?
|- XRP price action shows that bulls are not letting bears run free, indicating a resurgence of buying pressure.
- A flip of the $0.381 hurdle and subsequent surge in bullish momentum could mean gains for the loyal token holders.
- A breakdown of the $0.340 support level could allow investors to accumulate the remittance token at a discounted price.
XRP price is at an interesting point in its journey and shows signs of returning bulls and declining bearish interest. While these developments could be weekend centric and could be undone once the new week starts, so investors need to be careful.
Ripple price lacks momentum
Ripple price has attempted to flip the $0.381 resistance levels roughly four times over the last two months and has failed each time. The latest attempt pushed it past the aforementioned barrier and collected liquidity resting above the equal highs at $0.38.
But lack of momentum resulted in XRP price downswing. However, the bulls seem to be putting up a good fight as the altcoin is trading close to $0.381. If the tide shifts favoring Bitcoin bulls, there is a good chance the remittance token will also see its ship rise.
In this particular case, if XRP price manages to flip the $0.381 hurdle into a support floor, it will signal a bullish buying opportunity. Such a development will most likely be followed by a 17% upswing to $0.439.
XRP/USD 4-hour chart
While things are looking on the fence for Ripple price, the weekend is likely going to produce a lot of volatility. Hence, investors need to wait till Monday for a discernable plan.
However, if the XRP price breaks below the $0.340 support level, investors need to wait for a retest of the $0.287 to $0.311 demand zone to turn bullish.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.