- XRP price continues to remain subdued by the $0.381 hurdle with no signs of breaking out.
- Ripple will not see sizeable moves as long as it consolidates between the $0.381 and $0.359 barriers
- A daily candlestick close above $0.381 that flips this level into a support floor will invalidate the bearish thesis.
XRP price remains extremely range-bound due to a lack of volatility and the presence of multiple stable barriers. A big move for Ripple will occur if it shatters the immediate support and resistance levels enveloping it.
XRP price bores investors
XRP price remains between the $0.381 and $0.359 range boundaries and as long as it does, it will consolidate with no directional bias. A move out of these levels, however, could result in an extended downswing or an upswing.
For now, the odds seem to be skewed in favor of bears, particularly when considering the outlook for Bitcoin price. Hence, a daily candlestick close below the $0.359 support level could knock XRP price down to $0.340, which is a stable foothold.
While buyers might come to the rescue here, the odds of recovery are much better after a sweep of the equal lows at $0.326. Collecting the sell-stop liquidity resting below this level could trigger a quick shift in momentum from bears to bulls.
Therefore, investors can expect a 12% downswing for the remittance token should the $0.359 support level break.
XRP/USDT 1-day chart
While things are looking gloomy for XRP price, a daily candlestick close above $0.381 that flips this level into a support floor will be the first sign of buyers stepping in. In such a case, investors can expect Ripple bulls to push the altcoin to retest the next hurdle at $0.439.
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.