fxs_header_sponsor_anchor

XRP price looks for a firm footing to catalyze a 20% rally

  • XRP price is ready to take off but awaits confirmation from the big crypto Bitcoin.
  • The higher low produced at $0.437 could be key in triggering a rally to the $0.561 to $0.596 hurdle. 
  • A daily candlestick close below the $0.381 to $0.433 demand zone will invalidate the bullish outlook for Ripple.

XRP price has produced a key signal that reveals the underlying bullish intent. The only requirement now is sustenance from the big crypto or another leg-up. These conditions will complement Ripple bulls’ intentions and catalyze another rally in the altcoin to significant levels. 

Ripple price prepares for the next explosive move

Ripple price has been using the $0.381 to $0.433 demand zone as a key support level after ending its 74% rally. The retracement that followed tagged the said demand zone on September 28 and bounced 19%. 

Due to market conditions, XRP price formed a local top at $0.508 and reversed the trend, undergoing a 14% retracement to form a higher low at $0.437. This setup reveals a bullish outlook and considering that Bitcoin price has also risen after weeks of consolidation, makes it an appealing scenario to anticipate.

Therefore, market participants should watch for an incoming bounce that could potentially propel the remittance token by 17% to retest a major resistance structure, extending from $0.561 to $0.596. 

XRP/USD 1-day chart

Regardless of the bullish outlook that Ripple price displays, things could turn ugly if the big crypto fails to hold up its end. The translation of this for XRP price would involve a breakdown of the demand zone at $0.381.

This move would invalidate the bullish thesis for XRP price and potentially induce a correction to the $0.360 intermediate support 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.