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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
