XRP price was among many altcoins that crashed as BTC price shed roughly 9% on Monday. While Ripple XRP seems to be recovering, there could be another leg down before the price start to recover.
On the 4-hour XRP/USDT chart, Ripple price has sliced through the immediate demand barrier’s lower trend line at a price of $1.372 and is currently under the 100 four-hour Simple Moving Average at $1.420. A rejection at this support level that leads to a decisive close below $1.372 will trigger a sell sign from the SuperTrend indicator.
If this were to happen, investors could expect the remittance token to head toward the next demand zone that extends from a price of $$0.941 to $1.156. Interestingly, the 200 SMA coincides with the upper boundary of this support level.
Therefore, it is likely that a bounce for Ripple XRP price will arise after testing this critical level. After tagging this point, Ripple price bulls are likely to target $1.462, which is a 25% upswing.
Following the breach of this area, the Ripple price could surge an additional 12% to $1.653. This resistance barrier has prevented XRP’s price upward trajectory twice over the past week.
Subsequent areas of interest include the price of $1.769, $1.889, and $1.986.
A decisive 4-hour candlestick pattern close below the support barrier at $0.941 will invalidate the uptrend scenario mentioned above. In such a case, market participants can expect a 6% drop to the price of $0.886.
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