- 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.
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
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,
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.