- XRP price has breached a nearly 450-day declining trend line, indicating a bullish resurgence.
- Investors can expect the remittance token to retest the 200-week SMA at $0.493.
- A daily candlestick close below the EMA confluence at $0.379 will invalidate the bullish thesis for Ripple.
XRP price shows a clear sign of a bullish move which comes after months of rejection combined with massive sell-offs. However, the narrative has finally shifted after this recent breakout of a declining trendline, forecasting an explosive move soon.
XRP price ready to make hay
XRP price produced six distinctive lower highs since November 11, 2021. A trendline drawn connecting these swing points reveals that it prevented the altcoin from moving higher. However, the upswing journey that began after January 3 has overcome two critical hurdles - the confluence of 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) at roughly $0.370 and the $0.390 resistance level that has persisted for the last 260 days.
This development signaled a pivot from a bearish outlook to a bullish one. It also ended the sideways movement as it breached the aforementioned declining trend line. Now, XRP price needs to hold above $0.400 to kick-start its upswing.
The first and the most crucial target for XRP price is the 200-week Simple Moving Average (SMA) at $0.493. Beyond this level, the remittance token could retest the $0.596 hurdle, bringing the total gain from 20% to 40%.
XRP/USDT 1-day chart
While the outlook for XRP price is no doubt bullish, market participants need to cut their bags should the altcoin sink below the declining trend line. The main reason behind this line of thinking is that the market seems overextended, especially with Bitcoin and Ethereum developing bearish divergence on daily time frames.
Furthermore, confirmation of the bullish thesis invalidation will occur if XRP price produces a daily candlestick close below $0.379. In such a case, the remittance token could slide lower to retest the $0.332 support floor.
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
XRP soars upon announcement that SEC will drop its appeal against Ripple
Ripple CEO Brad Garlinghouse announced that the SEC will drop its appeal against Ripple. The victory follows rumors of Ripple's lawyers negotiating more favorable terms than the company got in Judge Torres' ruling last August.
Dogecoin on-chain metrics signal a potential turning point once the crypto market stabilizes
Dogecoin price hovers around $0.168 on Wednesday after bouncing off its 200-week EMA last week. Santiment’s data shows that DOGE’s utility and whale wallets are rising, hinting at a potential rally for the dog-themed memecoin.
Bitcoin stabilizes below key resistance, risk-off sentiment persists
Bitcoin (BTC) trades around $83,300 at the time of writing on Wednesday after facing resistance around its 200-day Exponential Moving Average (EMA) at $85,500 since last week, with a break above this level suggesting a potential recovery.
Ripple's XRP futures signals increased bearish sentiment despite long-term holders seeing strong gains
XRP open interest and funding rates have remained largely negative in recent weeks. Investors remained calm despite the high bearish sentiment in the futures market, likely due to their large profits.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.