Share:
  • XRP price has breached a nearly 450-day declining trend line, indicating a bullish resurgence.
  • Investors can expect the remittance token to retest the 200-week SMA at $0.493.
  • A daily candlestick close below the EMA confluence at $0.379 will invalidate the bullish thesis for Ripple.

XRP price shows a clear sign of a bullish move which comes after months of rejection combined with massive sell-offs. However, the narrative has finally shifted after this recent breakout of a declining trendline, forecasting an explosive move soon.

XRP price ready to make hay

XRP price produced six distinctive lower highs since November 11, 2021. A trendline drawn connecting these swing points reveals that it prevented the altcoin from moving higher. However, the upswing journey that began after January 3 has overcome two critical hurdles - the confluence of 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) at roughly $0.370 and the $0.390 resistance level that has persisted for the last 260 days.

This development signaled a pivot from a bearish outlook to a bullish one. It also ended the sideways movement as it breached the aforementioned declining trend line. Now, XRP price needs to hold above $0.400 to kick-start its upswing.

The first and the most crucial target for XRP price is the 200-week Simple Moving Average (SMA) at $0.493. Beyond this level, the remittance token could retest the $0.596 hurdle, bringing the total gain from 20% to 40%.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While the outlook for XRP price is no doubt bullish, market participants need to cut their bags should the altcoin sink below the declining trend line. The main reason behind this line of thinking is that the market seems overextended, especially with Bitcoin and Ethereum developing bearish divergence on daily time frames.

Furthermore, confirmation of the bullish thesis invalidation will occur if XRP price produces a daily candlestick close below $0.379. In such a case, the remittance token could slide lower to retest the $0.332 support floor.


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Three altcoins that have kickstarted Q4 rally: LINK, RDNT, FLOKI

Chainlink price has been on a tear for the last two weeks and has the potential for more upside. Radiant Capital price has breached a falling wedge and shows promise of further ascent. 

More Cryptocurrencies News

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

Week ahead: Fed speech and NFP likely to dictate crypto market moves this week

With the start of 2023’s fourth quarter, things are finally getting interesting in crypto. While the next 12 weeks are extremely important, let’s start by focusing on what to expect this week.

More Cryptocurrencies News

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot price trades inside a tight range above a critical support level of $3.98. The daily RSI produced a higher high, signaling a surge in bullish momentum and a potential breakout scenario. 

More Polkadot News

FLOKI sets stage for 30% rally

FLOKI sets stage for 30% rally

Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend. 

More Floki Inu News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP