XRP Price Forecast: Ripple bulls sets the stage for an 18% upswing
- XRP price manages to slide above the $0.464 hurdle in an attempt to trigger a quick run-up.
- Investors can expect an 18% move next week that retests the $0.561 to $0.596 hurdle.
- A daily candlestick close below $0.419 will create a lower low and invalidate the bullish thesis for Ripple.
XRP price is ranging around a critical level and is yet to flip it into a foothold. A successful conversion of this barrier into a support structure is key in triggering the next leg for the remittance token.
XRP price at crossroads
XRP price reveals its bullish intentions after creating a double bottom at roughly $0.417. Since this point, Ripple bulls have pushed the altcoin up by 11% and are currently trying to flip the $0.464 hurdle into a support level.
A decisive daily candlestick close above this level will confirm the presence of buyers and likely kick-start an uptrend for XRP price. Investors need to exercise caution since a retracement in Bitcoin price could send altcoins tumbling down.
On the other hand, if XRP price can squeeze enough momentum before the big crypto pulls back, there is a decent chance of an 18% run-up to retest the lower limit of the $0.561 to $0.596 hurdle.
While this target is from a short-term perspective, a bullish resurgence could see XRP price attempt to sweep the equal highs at $0.914. This ambitious move, however, would constitute a 93% gain from the current position.
XRPUSDT 1-day chart
While things are looking dicey for XRP price due to the big crypto’s indecisiveness, investors need to observe the $0.464 barrier. A breakdown of this level, followed by a daily candlestick close below the October 20 swing low at $0.419, will create a lower low.
This development will invalidate the bullish thesis and potentially trigger a 5% crash in XRP price to retest the $0.397 level.
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.
