- XRP price has flipped a crucial hurdle at $0.40, hinting at a bullish development.
- Due to the lack of momentum, the upswing to $0.448, $0.506 and $0.609 is delayed.
- A daily candlestick close below $0.316 will invalidate the bullish thesis for Ripple.
XRP price shows a clear sign of exhaustion after overcoming the selling pressure and flipping a significant resistance level into a support floor. Adding credence to the current scenario is Bitcoin’s lack of volatility, which has caused most altcoins to come to a standstill. However, the remittance token does show promise of an explosive move should the buying pressure spike.
XRP price awaits capital inflow
XRP price overcame the sellers at the $0.400 resistance level and flipped into a foothold for the second time over the last week. However, this development consumed bullish momentum, leaving little buying pressure for the further run-up. Adding downward pressure is also the lack of volatility from Bitcoin.
However, starting a fresh week in a few hours could kick-start a run-up for both Bitcoin and XRP price. In this case, investors can expect the remittance token price to continue the uptrend and revisit the $0.448 and $0.506 hurdles.
Once the buy-stop liquidity above these levels is collected, market makers can decide to flip and convert these hurdles into a support floor. If successful, it could allow for a continuation of the rally and tag the next crucial hurdle at $0.609.
This move would constitute a 54% upswing for XRP holders.
XRP/USDT 1-day chart
While things are looking up for the XRP price, a spike in selling pressure that breaks down the $0.400 support level will signal weak bulls. If this move is followed by a four-hour candlestick close below the $0.316 foothold, the bullish thesis will face invalidation, leading to a correction in XRP price to $0.288.
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