XRP Price Forecast: Is the bottom in for Ripple?
|- XRP price continues to get rejected by the $0.381 to $0.392 hurdle in its attempt to move higher.
- A flip of the $0.403 resistance level into a support floor will open the path to revisit $0.448 and $0.509.
- A daily candlestick close below $0.288 will invalidate the bullish thesis for Ripple.
XRP price shows a constant influx of buying pressure, which has produced higher lows since the November 9 crash. The overhead barrier, however, is stubborn and continues to absorb this buying pressure from Ripple bulls. A flip of this level will determine the next course of action for the remittance token.
XRP price and potential bottom formation levels
XRP price has been hovering close to $0.288 since June 18 crash. Although it managed to blast through the $0.381 hurdle on September 20, it failed to sustain itself. Moreover, the worsening market conditions, combined with waning buying power, triggered a reversal that knocked Ripple back below the $0.381 resistance level.
From a high time-frame perspective, the $0.288 level is the local bottom for now. As long as XRP price flips $0.381 and stays above it, there is no need to think about how low the remittance token can go.
The $0.441 level, which is roughly 18% away from the current position, is the first target for bulls. Similar to the $0.381 hurdle, this barrier is also a tough one to crack. However, a successful flip of this blockade will open XRP price to revisit the $0.509 level.
XRP/USDT 1-day chart
While things are currently not so great for XRP price, a breakdown of the $0.288 support level will invalidate the bullish thesis by creating a lower low. This development could see Ripple revisit the $0.253 foothold, a level last seen in January 2021.
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.