This is what needs to happen for the XRP price to confirm a new bullrun
- XRP price has rallied 60$% since September.
- The bullish action remains within a weekly consolidative trend channel.
- A breach above $0.66 could be confirmation of a much larger bullrun underway.
XRP price's recent uptrend move could be the beginning stages of a larger rally, but the final confirmation still needs to be confirmed.
XRP price shows strength.
XRP price has strengthened during Autumn as the digital remittance token rallied 60% since September. Currently, a trading range coils from October's highs at $0.54 to the lows at $0.42.
XRP price auctions at $0.47. An uptick in volume is shown during the recent uptrend move, which is an optimistic gesture for future days. Still, the 60% rally since October can be viewed as part of a much larger countertrend structure, as the top of the descending parallel channel has yet to be breached.
XRP/USDT 1-Week Chart
This thesis proposes that XRP has space to climb, but traders should be careful with adopting a hodl mentality in the weeks to come. The next targets lie at $0.63.
XRP will need to close above the descending parallel channel at $0.66 on the weekly time frame to call for a larger uptrend move. If the bulls are successful, the XRP price could rally as high as the $1.00 liquidity levels, resulting in a 100% Increase from the current market value.
A failure to hurdle the descending trend channel leaves the possibility for a deeper retracement in the future. Key levels of interest would be $0.41 and potentially $0.34 liquidity zones, leading to a 30% sell-off from the current XRP price.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
