Ripple XRP rally has met with obstacles in the past that have prevented it from heading price higher. Despite the recent rejection at a supply zone, XRP price is taking another jab at it as it clears a crucial demand barrier.
XRP dropped 12% as the market tumbled yesterday. However, the buyers scooped up the XRP at a discount and pushed Ripple up by 8%. A decisive close above the price of $0.985 will trigger an 11% upswing to the lower limit of the supply zone extending from the price of $1.094 to $1.183.
If the bullish momentum backing this rally persists, the Ripple XRP price could slice through the upper boundary at a price of $1.183. Such a move would confirm the start of a new uptrend. In such a case, the buyers might target $1.320. Following the breach of this support level, the remittance token might rise 22% to the pre-crash level at $1.613.
This XRP uptrend measures 35% from the supply zone’s upper boundary at $1.183.
Since the optimism around the XRP revolves around the assumption that it clears the price of the $0.985 demand level, failure to do so will dent the upswing narrative.
If Ripple XRP witnesses a potential sell-off that produces a convincing close below $0.840, it will invalidate the Ripple bullish outlook.
Under these circumstances, the XRP price could slide to the swing low at the price of $0.794 set up on May 29.
MATIC price tightness and low volume point to a substantial move
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