This needs to happen for XRP price so it can rally 20% over the next week
|- XRP price seems to be stuck trading between the $0.395 and $0.450 range.
- While the range low has been swept, investors can expect a move to the range high at $0.450 in the next week.
- A flip of the $0.375 barrier into a resistance barrier will invalidate the bullish thesis.
XRP price is at a place where a breakdown of crucial levels could lead to a steep correction. However, if the same barriers absorb the incoming selling pressure things could flip bullish and trigger a rally.
XRP price at a decisive moment
XRP price bounced 38% from the May 12 swing low at $0.336 and set a swing high at $0.466. Since this point, the remittance token created a range, extending from $0.395 to $0.450 and has stayed within it for the most part.
On May 26 XRP price swept the lower limit at $0.395 and created an equal low of sorts at $0.375 before attempting a rally. While Ripple climbed 15% and pierced the midpoint at $0.422, it failed to hold up. As a result, the sell-off pushed the remittance token back below the range low to where it currently trades - $0.385.
Now, there is a chance for XRP price to sweep the equal lows formed at $0.375 and take a U-turn. Assuming bulls step in and rescue Ripple, the resulting rally will likely sweep the range high at $0.450.
This ascent would constitute 20%, but if buyers do not book profit, the rally could tag the $0.486 hurdle, bringing the total gain to nearly 30%.
XRP/USDT 4-hour chart
While things are looking awfully bullish, the narrative is based on the fact that bulls rescue Ripple around the $0.375 barrier. If the buyers fail to assert dominance, the sellers will likely take control and crash the XRP price lower.
If the $0.375 barrier is breached, the XRP price could plummet lower and retest the $0.338 support floor.
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