- XRP price sliced through the range low at $0.65 on June 29, indicating the resurgence of buyers.
- After a minor pullback, Ripple might rally to tag the 70.5% Fibonacci retracement level at $0.783.
- A breakdown of the support level at $0.581 will invalidate the bullish scenario.
XRP price has set up a higher low and two higher highs since bottoming on June 22. This move indicates the presence of buyers. While the recent local top might lead to a pullback, it will help the bulls band together, propelling Ripple to critical levels.
XRP price eyes higher lows before skyrocketing
XRP price has been on a slow downtrend since June 14 but set up an intermediate swing high at $0.783 on June 21 before the sell-off was exacerbated. This crash bottomed on June 22 at $0.509 and rallied 44% setting up two swing highs, with the most recent one at $0.734.
Investors can expect Ripple to pull back to the immediate support level, which is the range low at $0.65. If the buyers manage to rescue the XRP price, it will kick-start a new leg-up. However, a failure might extend the correction to the demand barrier at $0.581 without affecting its upside potential.
The resulting upswing for XRP price is expected to set up a higher high at the 70.5% Fibonacci retracement level at $0.783, coinciding with the swing high formed on June 14.
This move would be a 20% rally from the range low.
XRP/USDT 4-hour chart
While a pullback is expected, a breakdown of the support level at $0.581 will indicate that the sellers are overwhelming the buyers. A brief dip below the said barrier will not affect the bullish thesis, but a failure to climb past it will invalidate the optimistic narrative.
In such a case, investors can expect XRP price to drop 12% to tag the demand barrier at $0.509.
