- XRP price seems to be stuck trading between the $0.395 and $0.450 range.
- While the range low has been swept, investors can expect a move to the range high at $0.450 in the next week.
- A flip of the $0.375 barrier into a resistance barrier will invalidate the bullish thesis.
XRP price is at a place where a breakdown of crucial levels could lead to a steep correction. However, if the same barriers absorb the incoming selling pressure things could flip bullish and trigger a rally.
XRP price at a decisive moment
XRP price bounced 38% from the May 12 swing low at $0.336 and set a swing high at $0.466. Since this point, the remittance token created a range, extending from $0.395 to $0.450 and has stayed within it for the most part.
On May 26 XRP price swept the lower limit at $0.395 and created an equal low of sorts at $0.375 before attempting a rally. While Ripple climbed 15% and pierced the midpoint at $0.422, it failed to hold up. As a result, the sell-off pushed the remittance token back below the range low to where it currently trades - $0.385.
Now, there is a chance for XRP price to sweep the equal lows formed at $0.375 and take a U-turn. Assuming bulls step in and rescue Ripple, the resulting rally will likely sweep the range high at $0.450.
This ascent would constitute 20%, but if buyers do not book profit, the rally could tag the $0.486 hurdle, bringing the total gain to nearly 30%.
XRP/USDT 4-hour chart
While things are looking awfully bullish, the narrative is based on the fact that bulls rescue Ripple around the $0.375 barrier. If the buyers fail to assert dominance, the sellers will likely take control and crash the XRP price lower.
If the $0.375 barrier is breached, the XRP price could plummet lower and retest the $0.338 support floor.
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.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?