XRP Price Forecast: Is the bottom in for Ripple?
- XRP price continues to get rejected by the $0.381 to $0.392 hurdle in its attempt to move higher.
- A flip of the $0.403 resistance level into a support floor will open the path to revisit $0.448 and $0.509.
- A daily candlestick close below $0.288 will invalidate the bullish thesis for Ripple.
XRP price shows a constant influx of buying pressure, which has produced higher lows since the November 9 crash. The overhead barrier, however, is stubborn and continues to absorb this buying pressure from Ripple bulls. A flip of this level will determine the next course of action for the remittance token.
XRP price and potential bottom formation levels
XRP price has been hovering close to $0.288 since June 18 crash. Although it managed to blast through the $0.381 hurdle on September 20, it failed to sustain itself. Moreover, the worsening market conditions, combined with waning buying power, triggered a reversal that knocked Ripple back below the $0.381 resistance level.
From a high time-frame perspective, the $0.288 level is the local bottom for now. As long as XRP price flips $0.381 and stays above it, there is no need to think about how low the remittance token can go.
The $0.441 level, which is roughly 18% away from the current position, is the first target for bulls. Similar to the $0.381 hurdle, this barrier is also a tough one to crack. However, a successful flip of this blockade will open XRP price to revisit the $0.509 level.
XRP/USDT 1-day chart
While things are currently not so great for XRP price, a breakdown of the $0.288 support level will invalidate the bullish thesis by creating a lower low. This development could see Ripple revisit the $0.253 foothold, a level last seen in January 2021.
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.
