XRP price to pull a 180 as Ripple bulls come out of the woodwork
|- XRP price continues to consolidate around the $0.694 to $0.753 demand zone for more than a month.
- A resurgence of bullish momentum could see Ripple rally 11% to $0.829.
- A breakdown of the $0.694 support barrier will invalidate the bullish thesis for XRP.
XRP price lacks volatility as it trades close to a crucial support level. While a major reason for this is its correlation with Bitcoin, a part of it also arises from the lack of interest among the investors for this coin. There is a good chance Ripple could see a brief uptrend that pushes it toward the immediate resistance barrier.
XRP price prepares for a new rally
XRP price has retested the daily demand zone, extending from $0.694 to $0.753 more than five times over the past month. The recent dip into this area seems to be turning around, suggesting an uptrend is around the corner.
XRP price does not exude bullishness and lacks momentum, so it is unlikely to see a massive upswing. However, there is a good chance Ripple could slice through the recently flipped hurdle at $0.817 and retest the 50-day Simple Moving Average (SMA) at $0.829. This run-up would constitute an 11% gain and is likely where investors begin to book profits.
In a highly bullish case, XRP price could make a run for the 200-day and 100-day SMA confluence around $0.960, bringing the total uptrend to 30%.
XRP/USDT 1-day chart
On the other hand, if the XRP price continues to slide lower, it will suggest an increase in selling pressure. If the remittance token produces a daily candlestick close below $0.694, it will create a lower low, invalidating the bullish thesis.
This development could see XRP price crash to $0.604, where buyers can attempt another comeback.
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.