Ripple Price Prediction: XRP to retrace before jumping to $1.30
- XRP price could face rejection from a massive supply barrier.
- On its way down, the $0.84 barrier might act as support.
- Bouncing off this critical demand zone may lead to an upswing to $1.32.
XRP price seems to be facing a spike in selling pressure that could see it dive before its next lef up.
XRP price looks primed to retrace
XRP price appears to be heading higher, but the recent swing highs have been higher lows. Such market behavior suggests a waning buying power behind Ripple.
The trend shift alongside multiple overhead barriers indicate that XRP price is coiling up. Thus, a rejection from the supply zone extending from $1.094 to $1.183 could push Ripple lower.
On the way down, the support barrier at $0.84 appears to be the best place for a rebound since it coincides with an ascending support trend line that dates back to the beginning of the year.
Investors can expect XRP price to slide by 16% to $0.84 before it kick-starts a new leg up. It is worth noting that a spike in selling pressure around the underlying support could see Ripple retest the next demand zone’s at $0.642.
XRP/USDT 1-day chart
Regardless, a decisive daily candlestick close above $1.183 will invalidate the bearish narrative. In such a case, the bulls might propel XRP price up by 12% to $1.320.
Author
FXStreet Team
FXStreet
