fxstreet.com
- XRP price is showing a resurgence of buyers as it retests the $1.015 resistance level.
- A minor retracement to $0.956 first will allow buyers to trigger a 15% leg-up to $1.102.
- If Ripple produces a swing low below $0.688, the bullish thesis will face invalidation.
XRP price has been on an upswing streak since it broke out of a vital resistance barrier. This development has allowed Ripple to defy the short-term bearish outlook that is present among many altcoins. Going forward, investors can expect the altcoin to continue its ascent after a brief retracement.
XRP price eyes higher highs
Ripple price was stuck trading under a declining trend line for more than a month. However, on December 18, XRP price sliced through this resistance and rallied 15% to set up a swing high at $0.915.
Although the remittance token faltered, the run-up continued to retest the $0.956 ceiling. The bid orders continued to flow, allowing the XRP price to revisit the $1.015 resistance level. In total, Ripple has rallied 26% since breaching the said supply barrier.
While this climb was impressive, there is a good chance XRP price will retrace now as investors begin booking profits. This development will allow the sidelined buyers to step in, triggering a 15% ascent from $0.956 to the next hurdle at $1.102
In a bullish case, the XRP price could tag the $1.222 swing high and collect the liquidity resting above it.
XRP/USD 4-hour chart
While things are looking up for XRP price, a sell-off that pushes the altcoin to undo the recent gains will threaten the bullish outlook. Interestingly, Ripple can drop up to $0.752 and not have to worry about a bearish regime. However, if Ripple price produces a swing low below $0.688, it will create a lower low, invalidating the bullish thesis.