XRP price to provide a buying opportunity before Ripple rallies 15%

XRP price is showing a resurgence of buyers as it retests the $1.015 resistance level.
A minor retracement to $0.956 first will allow buyers to trigger a 15% leg-up to $1.102.
If Ripple produces a swing low below $0.688, the bullish thesis will face invalidation.

XRP price has been on an upswing streak since it broke out of a vital resistance barrier. This development has allowed Ripple to defy the short-term bearish outlook that is present among many altcoins. Going forward, investors can expect the altcoin to continue its ascent after a brief retracement.

XRP price eyes higher highs

Ripple price was stuck trading under a declining trend line for more than a month. However, on December 18, XRP price sliced through this resistance and rallied 15% to set up a swing high at $0.915.

Although the remittance token faltered, the run-up continued to retest the $0.956 ceiling. The bid orders continued to flow, allowing the XRP price to revisit the $1.015 resistance level. In total, Ripple has rallied 26% since breaching the said supply barrier.

While this climb was impressive, there is a good chance XRP price will retrace now as investors begin booking profits. This development will allow the sidelined buyers to step in, triggering a 15% ascent from $0.956 to the next hurdle at $1.102

In a bullish case, the XRP price could tag the $1.222 swing high and collect the liquidity resting above it.

XRP/USD 4-hour chart

While things are looking up for XRP price, a sell-off that pushes the altcoin to undo the recent gains will threaten the bullish outlook. Interestingly, Ripple can drop up to $0.752 and not have to worry about a bearish regime. However, if Ripple price produces a swing low below $0.688, it will create a lower low, invalidating the bullish thesis.

Share: Cryptos feed

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.