- The price of XRP perfectly retested the reversal of the downtrend line, confirming a new advance.
- Investors can expect this trend to reach $0.387, and even $0.439 for an 18% gain.
- A four-hour candlestick close below the July 19 low at $0.351 will invalidate the bullish thesis.
XRP price looks set for a climb after tipping a significant resistance level into a support floor. This development suggests that investors are ready for a rapid rise to more crucial levels.
XRP price shows bullish momentum
XRP price was stuck below a declining trendline, producing lower highs since May 2022. However, on July 18, this resistance barrier was breached, signaling a breakout on the upside.
While the price of XRP consolidated above this level for more than a day, it took off on July 19, indicating that buyers are still present. If this trend continues, there is a good chance that Ripple will retest the $0.387 hurdle.
Turning this obstacle into an anchor would be the next key development. If successful, XRP price could further extend its rally to $0.439. This move would be an 18% gain for investors.
XRP/USDT 4 hour chart
Regardless of the bullish outlook, investors should pay close attention to the Bitcoin price. While BTC looks bullish due to its recent breach of the 200-week simple moving average (SMA), a breakdown could trigger panic selling.
If XRP price produces a four-hour candle near the July 19 low at $0.351, it will create a lower low and invalidate the bullish thesis. In such a case, the XRP price could revisit the midpoint of the range at $0.336.
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