Can XRP price maintain its momentum till $1
- XRP price is in a pickle as it slips below the 2022 volume point of control at $0.77.
- A retest of the 70.5% retracement level will offer the remittance token at a discount before $1.
- A daily candlestick close below $0.60 will invalidate the bullish thesis for Ripple.
XRP price is slowly sinking lower with its promise of retesting certain highs disappearing into the abyss. As Ripple falls under a massive support level, things start to complicate for the remittance token.
XRP price reveals its intentions
XRP price action has been bullish since January 22, but this outlook is changing slowly. After the flash crash in Bitcoin price on March 6, most altcoins – including Ripple – are looking weak.
Although the initial dip pushed XRP price by 10% on April 6 and below the 2022 volume point of control at $0.776, there was a quick recovery. After spending a day above this level, Ripple seems to have fallen below it, indicating a slow decline in bullish momentum.
A quick recovery above is favorable to the bulls and ensures a retest of the $1 psychological level. However, a continuation of the downswing will knock it into a buy zone, extending from $0.626 to $0.688.
As sidelined buyers step into this area, the resulting bull rally could see the remittance token tag the range high at $0.916 and eventually reach the $1 hurdle.
XRP/USDT 1-day chart
While the mid-to-long-term outlook XRP price might appear bullish, the short-term scenario could quickly change if the big crypto fails to maintain its momentum.
A daily candlestick close below $0.60 will invalidate the bullish thesis for Ripple. In such a case, XRP price could slide lower to the range low of $0.55 before trying to reestablish a directional bias.
Author
Akash Girimath
FXStreet
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.
