XRP price shows a massive spike in buying pressure momentum that has pushed it up by nearly 70% since the weekend crash on April 25.
On the 4-hour XRP/USDT chart, Ripple price is trading around the 161.8% Fibonacci extension level at a price of $1.65 after retracing nearly 7%. This pullback results from bulls taking a break after a 15% rally in under a day.
This respite will help the buyers come back stronger and push through to the next resistance support level at $1.88, 15% away from the current position. If the investors pile up their bid orders, XRP price could see new yearly highs at a price of $2.
However, market participants should note that the 2018 demand zone ranging from the price of $1.79 to $2.14 will test bulls’ caliber. A decisive 4-hour candlestick pattern above $2.14 will signal the start of a new uptrend that could hold the potential to tag XRP's all-time high at $3.31 with a pitstop at $2.75.
While the upswing scenario seems like a logical path that Ripple XRP will take, a failure to push through the demand barrier zone will cause the remittance token to consolidate in this zone or below it.
This move could negatively impact the investors and further invoke a sell-off.
A breakdown of the $1.51 support barrier will invalidate the XRP bullish thesis and kick-start a downswing to the 50% Fibonacci retracement support level at $1.31.
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