- XRP price rallied 19% over the weekend.
- The Relative Strength Index shows significant bullish momentum in higher time frames.
- A breach above $0.41 could prompt an additional 20% rally towards $0.44.
Xrp price validates thepnrevious countertrend thesis, still trying to attain more profit fromt the current uptrend has accompanied risk.
XRP Price follows suit
XRP price has displayed applaudable price action over the weekend. Since Friday, September 16, the digital remittance token has rallied 19%, validating the previous bullish trade idea mentioned in the last thesis. Now that the bulls have breached the $0.39 target, a double scenario is underway.
“Invalidation of the bearish thesis is a closing candle above at $0.345. If the bulls can hurdle the barrier, a countertrend rally could occur towards the recent swing highs at $0.390. Such a move would result in a 19% increase from the current XRP price. “
XRP Countertrend Thesis
XRP price currently auctions at $0.38. The Relative Strength Index displays the XRP price having bottomed at the ideal supportive level and now rayong through significant resistance zones. Based on this cue, the momentum in the market seems in favor of the bulls.
Nonetheless, being an early buyer at the current time could be very risky as the overall downtrend is still intact until the summertime swing high at $0.41 is breached. If the bulls can hurdle this level, a rise towards the May 31 swing high st $0.44 could occur, resulting in an additional 16% increase from the current XRP price.
On the contrary, if the bulls do not hurdle the $0.41 boundary, a retracement into the mid-way point of the recent uptrend at $0.036 stands a high chance of occurring. Said price action would result in an 8 % decline from the current market value.
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
