XRP price to pull a 180 as Ripple bulls come out of the woodwork
- XRP price continues to consolidate around the $0.694 to $0.753 demand zone for more than a month.
- A resurgence of bullish momentum could see Ripple rally 11% to $0.829.
- A breakdown of the $0.694 support barrier will invalidate the bullish thesis for XRP.
XRP price lacks volatility as it trades close to a crucial support level. While a major reason for this is its correlation with Bitcoin, a part of it also arises from the lack of interest among the investors for this coin. There is a good chance Ripple could see a brief uptrend that pushes it toward the immediate resistance barrier.
XRP price prepares for a new rally
XRP price has retested the daily demand zone, extending from $0.694 to $0.753 more than five times over the past month. The recent dip into this area seems to be turning around, suggesting an uptrend is around the corner.
XRP price does not exude bullishness and lacks momentum, so it is unlikely to see a massive upswing. However, there is a good chance Ripple could slice through the recently flipped hurdle at $0.817 and retest the 50-day Simple Moving Average (SMA) at $0.829. This run-up would constitute an 11% gain and is likely where investors begin to book profits.
In a highly bullish case, XRP price could make a run for the 200-day and 100-day SMA confluence around $0.960, bringing the total uptrend to 30%.
XRP/USDT 1-day chart
On the other hand, if the XRP price continues to slide lower, it will suggest an increase in selling pressure. If the remittance token produces a daily candlestick close below $0.694, it will create a lower low, invalidating the bullish thesis.
This development could see XRP price crash to $0.604, where buyers can attempt another comeback.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
