fxs_header_sponsor_anchor

XRP Price Forecast: Ripple bulls sets the stage for an 18% upswing

  • XRP price manages to slide above the $0.464 hurdle in an attempt to trigger a quick run-up.
  • Investors can expect an 18% move next week that retests the $0.561 to $0.596 hurdle.
  • A daily candlestick close below $0.419 will create a lower low and invalidate the bullish thesis for Ripple.

XRP price is ranging around a critical level and is yet to flip it into a foothold. A successful conversion of this barrier into a support structure is key in triggering the next leg for the remittance token. 

XRP price at crossroads

XRP price reveals its bullish intentions after creating a double bottom at roughly $0.417. Since this point, Ripple bulls have pushed the altcoin up by 11% and are currently trying to flip the $0.464 hurdle into a support level.

A decisive daily candlestick close above this level will confirm the presence of buyers and likely kick-start an uptrend for XRP price. Investors need to exercise caution since a retracement in Bitcoin price could send altcoins tumbling down.

On the other hand, if XRP price can squeeze enough momentum before the big crypto pulls back, there is a decent chance of an 18% run-up to retest the lower limit of the $0.561 to $0.596 hurdle.

While this target is from a short-term perspective, a bullish resurgence could see XRP price attempt to sweep the equal highs at $0.914. This ambitious move, however, would constitute a 93% gain from the current position.

XRPUSDT 1-day chart

While things are looking dicey for XRP price due to the big crypto’s indecisiveness, investors need to observe the $0.464 barrier. A breakdown of this level, followed by a daily candlestick close below the October 20 swing low at $0.419, will create a lower low.

This development will invalidate the bullish thesis and potentially trigger a 5% crash in XRP price to retest the $0.397 level.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.