- XRP price volatility seems to have dried after a 61% rally in late March.
- The $0.475 level is a good place to accumulate before its next move to $0.633.
- Invalidation of the bullish thesis for Ripple will occur on the breakdown of the $0.436 level.
XRP price has been consolidating in a tight range after its explosive move in the last few days. The ongoing retracement will likely provide an opportunity to accumulate for hodlers before Ripple bulls make a comeback, triggering another massive rally.
XRP price cooks before its next move
XRP price rallied 61% between March 17 and 29, scaling the top of the ongoing range, extending from $0.336 to $0.537. While impressive, the rally seems to have run out of steam, causing the altcoin to shed 17% from its recent local top of $0.585.
As the XRP price trades around $0.518, investors need to pay close attention to the range between $0.475 and $0.436. This area is an accumulation zone, which will allow sidelined buyers to step in and get ready for the next move.
A flip of the range high at $0.537 will be a key signal that may kickstart the next leg higher. A decisive move above this barrier will open the path for XRP price to tag $0.633. Beyond this level, the 62% and 70.5% retracement levels at $0.704 and $0.754 are the next bullish targets.
XRP/USDT 1-day chart
If Ripple bulls fail to take control, the retracement could drive XRP price below the accumulation level at $0.475. In such a case, if the bears flip the $0.436 support level into a resistance barrier, it will skew the odds in the sellers’ favor. Such a development could see XRP price crash to $0.336.
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