• 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

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

Ripple price sees investors bracing for Powell late Wednesday with $0.44 in the cards

XRP price will see traders mainly focusing on the Powell speech later today at the Brookings Institution. With many questions being raised and Fed members contradicting one another, markets will be hanging on every word coming from Powell’s mouth to get a clearer view of what the path will be going forward.

More Ripple News

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

ECB director calls for Bitcoin ban, says BTC is not suitable for payments or investments

The European Central Bank (ECB) detailed its stance on Bitcoin (BTC) and the cryptocurrency ecosystem in a blog post on November 30. In this article, the financial institution outlined the stark differences between regulation of digital assets in Europe and the US and that they should not be legitimized. 

More Bitcoin News

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price in for a surprise as markets expect Powell to bring out the reindeers

Solana price is at the cusp of starting the long-awaited Christmas rally. SOL could be seen jumping 37%, making it its best performance for the year.

More Solana News

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Three on-chain metrics suggest Bitcoin price has bottomed, here’s where BTC is going next

Bitcoin price has triggered a 5% upswing overnight, slicing through critical hurdles. Three on-chain metrics suggest that BTC might have bottomed and has kick-started another bear market rally.

More Cryptocurrencies News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP