- XRP price has rallied 60$% since September.
- The bullish action remains within a weekly consolidative trend channel.
- A breach above $0.66 could be confirmation of a much larger bullrun underway.
XRP price's recent uptrend move could be the beginning stages of a larger rally, but the final confirmation still needs to be confirmed.
XRP price shows strength.
XRP price has strengthened during Autumn as the digital remittance token rallied 60% since September. Currently, a trading range coils from October's highs at $0.54 to the lows at $0.42.
XRP price auctions at $0.47. An uptick in volume is shown during the recent uptrend move, which is an optimistic gesture for future days. Still, the 60% rally since October can be viewed as part of a much larger countertrend structure, as the top of the descending parallel channel has yet to be breached.
XRP/USDT 1-Week Chart
This thesis proposes that XRP has space to climb, but traders should be careful with adopting a hodl mentality in the weeks to come. The next targets lie at $0.63.
XRP will need to close above the descending parallel channel at $0.66 on the weekly time frame to call for a larger uptrend move. If the bulls are successful, the XRP price could rally as high as the $1.00 liquidity levels, resulting in a 100% Increase from the current market value.
A failure to hurdle the descending trend channel leaves the possibility for a deeper retracement in the future. Key levels of interest would be $0.41 and potentially $0.34 liquidity zones, leading to a 30% sell-off from the current XRP price.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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