- XRP price volatility seems to have dried after a 61% rally in late March.
- The $0.475 level is a good place to accumulate before its next move to $0.633.
- Invalidation of the bullish thesis for Ripple will occur on the breakdown of the $0.436 level.
XRP price has been consolidating in a tight range after its explosive move in the last few days. The ongoing retracement will likely provide an opportunity to accumulate for hodlers before Ripple bulls make a comeback, triggering another massive rally.
Read more: Ripple price could drop 5% as XRP trading volume indicates a lack of initiative among bulls
XRP price cooks before its next move
XRP price rallied 61% between March 17 and 29, scaling the top of the ongoing range, extending from $0.336 to $0.537. While impressive, the rally seems to have run out of steam, causing the altcoin to shed 17% from its recent local top of $0.585.
As the XRP price trades around $0.518, investors need to pay close attention to the range between $0.475 and $0.436. This area is an accumulation zone, which will allow sidelined buyers to step in and get ready for the next move.
A flip of the range high at $0.537 will be a key signal that may kickstart the next leg higher. A decisive move above this barrier will open the path for XRP price to tag $0.633. Beyond this level, the 62% and 70.5% retracement levels at $0.704 and $0.754 are the next bullish targets.
XRP/USDT 1-day chart
If Ripple bulls fail to take control, the retracement could drive XRP price below the accumulation level at $0.475. In such a case, if the bears flip the $0.436 support level into a resistance barrier, it will skew the odds in the sellers’ favor. Such a development could see XRP price crash to $0.336.
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
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.