TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

After a 15% rally, this is where XRP price will head next

  • XRP price saw a massive uptick in buying pressure, pushing it up to the $0.381 hurdle.
  • A minor retracement to $0.360, the remittance token could skyrocket to $0.44 if the market conditions remain the same.
  • A daily candlestick close below $0.357 will invalidate the bullish thesis and trigger a correction to $0.331.
After a 15% rally, this is where XRP price will head next
Akash GirimathAkash GirimathFXStreet

XRP price shows an explosive surge in buying pressure that has caused it to run up to retest a significant resistance level. This barrier has prevented the remittance token to move higher for roughly 100 days. If Ripple bulls overcome this barrier, the outcome would be another exponential run-up.

XRP price ready to make higher highs 

XRP price rallied 12% between September 7 and 12 but faced resistance at $0.360. This run-up was followed by a 10% retracement that formed a base at $0.325. The explosive run-up triggered on September 16 has pushed the remittance token up 20% in under 48 hours.

As of this writing, XRP price is currently retesting the $0.381 hurdle that has prevented Ripple from moving higher since June 11. Therefore, a decisive close above this barrier that flips into a support floor will be a major bullish development.

If successful, XRP price could be another 14% run-up that retests the $0.439 hurdle. However, investors should also make close attention to a potential retracement to $0.360, which could serve as a good entry point for what is next for Ripple. 

XRP/USDT 1-day chart

XRP/USDT 1-day chart

On the other hand, if XRP price fails to overcome the $0.381 hurdle, the $0.360 support floor will be a place for sidelined buyers to get in. A breakdown of this level, followed by a daily candlestick close below $0.357, will create a lower low and invalidate the move to $0.439.

This development could send XRP price back to retest the $0.325. In a highly bearish case, Ripple could revisit the $0.309 barrier, 

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Why altcoin season isn't coming back — and what stole its capital

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin recovers, trading above $78,000 on Friday, but the 50-week SMA near $78,760 continues to cap its upside. A hawkish Fed outlook, escalating Middle East tensions, and the CLARITY Act's failure to advance in the US Senate could limit BTC upside.

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. Is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Bitcoin trades higher near $78,000 on Friday as bulls return after early-week macro uncertainty and regulatory headwinds. Ethereum aligns with the broader crypto market’s neutral-to-bullish outlook, holding support above $2,400 and gaining momentum for a short-term breakout at $2,500.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.