• XRP price is currently hovering above the $0.464 support level, but the upside is capped due to the $0.561 to $0.596 hurdle.
  • A flip of this resistance area into a support floor could kick-start a 52% run-up to $0.900.
  • A daily candlestick close below $0.464 will create a lower low and invalidate the bullish thesis for Ripple.

XRP price continues to remain strong relative to other altcoins despite the recent downturn. Regardless, the crypto markets seem to be shifting their bias to favoring bulls, so investors can expect Ripple to continue its ascent.

XRP price ready to make hay

XRP price sliced through the upper limit of the $0.331 to $0.464 range on September 22 and has continued to sustain above it. The most recent retest of this barrier was on October 13, which was followed by a massive surge in buying pressure that has propelled it by 15% so far.

As XRP price hovers around $0.498, Bitcoin price has seen a bullish breakout. If this trend continues, investors can expect a further spike in buying pressure for the remittance token.  This move would allow the altcoin to retest the $0.561 to $0.596 hurdle, which has been a significant level since January 2022.

Therefore, a flip of this hurdle into a support floor will be an important development for XRP price and could propel XRP price up by 52% to sweep the equal highs at $0.914.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While things are looking up for XRP price, the ongoing run-up could get rejected at the $0.561 to $0.596 hurdle. However, this rejection could invalidate the bullish thesis if it flips the $0.464 support level into a resistance barrier.

Such a move could open the path for bears to knock XRP price to the midpoint at $0.397.

 


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.

Recommended content


Recommended Content

Editors’ Picks

VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC

VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC

Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.

More Bitcoin News

Ethereum Classic price sets for a rally following retest of key support

Ethereum Classic price sets for a rally following retest of key support

ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.

More Ethereum News

Celebrity meme coins lose their shine

Celebrity meme coins lose their shine

Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.

More Cryptocurrencies News

Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit

Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit

Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation. 

More Ripple News

Bitcoin: Will BTC manage to recover from recent market turmoil?

Bitcoin: Will BTC manage to recover from recent market turmoil?

Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.

Read full analysis

BTC

ETH

XRP