- XRP price slips close to breaking through the descending trend line and launching a complete bullish wave.
- A decisive close above this hurdle would allow Ripple to reconsider $0.956 and $1,030.
- If the transfer symbol produces a lower low below $0.688, this will invalidate the bullish theory.
XRP price has been stuck in a downtrend for about a month but is slowly moving towards an inflection point. Getting out of this hurdle could lead to a massive uptrend for the conversion symbol.
The possibility of a resurgence in the price of XRP
XRP price has been stuck below a falling resistance level for more than a month. So far, every attempt by the bulls to break through this hurdle has failed. However, the recent surge in buying pressure appears to have prompted the price of XRP to retest this barrier.
A decisive close above $0.900 will signal a breach of this ceiling and confirm the start of an upward trend. In this case, XRP price will aim to retest the $0.950 barrier. Clearing this area will open the way for a return to the $1.030 resistance level and collect the liquidity above it.
In total, this increase in the price of XRP indicates a 23% increase from the current position – $0.828. While a retest of $1,030 may be a short-term target, an increase in bullish momentum could allow XRP to extend its rally to $1,100, revealing a 33% gain.
4 hour chart XRP / USDT
On the other hand, if the XRP price fails to break the downtrend line, it will indicate weak buying pressure. If sellers wish, they can lower the transfer code to $0.688. A swing lower below this level will invalidate the bullish theory for XRP price and likely lead to its collapse to $0.612.