Ripple's move above this key level could trigger nearly 50% rally for XRP
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- Ripple price sits at a key confluence support level of $0.586, hinting at a potential breakout rally.
- The structure of XRP’s recent price action is similar to meme coin consolidation, often leading to an explosive surge.
- A breakdown of the weekly support level at $0.586 will invalidate the bullish thesis.
Ripple (XRP) price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kickstart a massive rally.
Ripple price likely to spurt like a meme coin
Ripple price has been in a tight consolidative range for more than 250 days. This development has resulted in two key outcomes – a breakout above a declining trend line and a flip of the $0.586 resistance level into a support floor.
Currently, Ripple price continues to hover above $0.586, indicating another range formation. The weekly Relative Strength Index (RSI) has recovered after briefly dipping below the mean level of 50, hinting that the buyers are still in control. The Awesome Oscillator (AO) hovers above the zero level, suggesting that the bullish momentum is dominating.
These technical outlooks hint that Ripple price is primed for an explosive move to $0.920, which is roughly 50% away from the current level of $0.617.
Also read: XRP holders lose interest, shed holdings as Ripple and SEC seal lawsuit proceedings
XRP/USDT 1-week chart
While all signs point to a potential bullish outlook for Ripple price, investors need to be cautious of Bitcoin price. If BTC continues its descent to $59,000, chances are altcoins will go down with it.
In such a case, Ripple price could crash 22% to the next key support level at $0.481.
Also read: Ripple’s David Schwartz states that Ripple didn’t conceal XRP sales, altcoin begins recovery
- Ripple price sits at a key confluence support level of $0.586, hinting at a potential breakout rally.
- The structure of XRP’s recent price action is similar to meme coin consolidation, often leading to an explosive surge.
- A breakdown of the weekly support level at $0.586 will invalidate the bullish thesis.
Ripple (XRP) price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kickstart a massive rally.
Ripple price likely to spurt like a meme coin
Ripple price has been in a tight consolidative range for more than 250 days. This development has resulted in two key outcomes – a breakout above a declining trend line and a flip of the $0.586 resistance level into a support floor.
Currently, Ripple price continues to hover above $0.586, indicating another range formation. The weekly Relative Strength Index (RSI) has recovered after briefly dipping below the mean level of 50, hinting that the buyers are still in control. The Awesome Oscillator (AO) hovers above the zero level, suggesting that the bullish momentum is dominating.
These technical outlooks hint that Ripple price is primed for an explosive move to $0.920, which is roughly 50% away from the current level of $0.617.
Also read: XRP holders lose interest, shed holdings as Ripple and SEC seal lawsuit proceedings
XRP/USDT 1-week chart
While all signs point to a potential bullish outlook for Ripple price, investors need to be cautious of Bitcoin price. If BTC continues its descent to $59,000, chances are altcoins will go down with it.
In such a case, Ripple price could crash 22% to the next key support level at $0.481.
Also read: Ripple’s David Schwartz states that Ripple didn’t conceal XRP sales, altcoin begins recovery
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.