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.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.