XRP Price Prediction: Bulls take charge as $0.44 shows promise of being tagged
- XRP price has rallied by 6.5% in the last three days.
- Ripple may be embarking on a rally towards $0.44.
- Invalidation of the bullish thesis would arise from a break below $0.361.
XRP price is showing bullish retaliation signals that are hard to ignore. Key levels have been defined to gauge XRP's next potential move.
XRP price shows bullish cues
XRP price has shown a 6.5% increase in the past three days, sparking hope of an extended bullish trend. Last week's 6% downswing has been fully reversed as the bulls have produced a candlestick close above both the 8-day exponential moving range and 21-day simple moving average. The hurdle of the indicators is a bullish confirmation signal hinting at the underlying support from traders on smaller time frames.
XRP price is currently trading at $0.40. The Relative Strength Index (RSI) for XRP bottomed out at 40, indicating that the current uptrend that began in January is set to continue. The RSI is a technical indicator that measures the strength of a security's price action. A reading of 40 suggests that the digital asset has reached its low point, and any lower would mean the entire trend is subject to a reversal.
Thus the XRP price may now have the potential to move towards $0.44, which is an untagged liquidity level from November's liquidation when XRP dropped from $0.48 to $0.30 in less than a week.
XRP/USDT 1-Day Chart
Invalidation of the bullish thesis would arise from a break below the current swing low at $0.361. If the breach occurs, the bears could induce a decline targeting liquidity levels as low as $0.30, resulting in a 25% decrease from XRP's current market value
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.
