(Akash Girimath – FXStreet)
– XRP price is taking a jab at the $0.381 hurdle for the fifth time.
– If successful, Ripple bulls need to toil to reach their destination at $0.439, aka a 15% rally.
– A failure to sustain above $0.381, followed by a breakdown of the $0.340 support level, will invalidate the bullish thesis.
XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking.
While the token struggles to break ground, Ripple Labs, the parent company behind the remittance token, has shown interest in buying the assets of Celsius, the bankrupt lending platform.
A company spokesperson mentioned,
We are interested in learning about Celsius and its assets, and whether any could be relevant to our business
Ripple has been growing through the bear market and the battle ongoing with the U.S. Securities and Exchange Commission. Despite the headwinds, Ripple, as a payments company, is making headway in the east with multiple partnerships.
XRP price stays vigilant
XRP price has been attempting to get past the $0.381 resistance level since the initial breakdown on June 11, However, every time Ripple bulls pushed through to the aforementioned barrier, the sellers overwhelmed the move, undoing the bullish effort.
After four failed attempts to flip the $0.381 hurdle into a support floor, XRP price has once again sliced through this barrier in hopes of a successful move. If the buyers manage to maintain their buying pressure, there could be a run-up.
However, bulls need to stay on top as XRP price needs to wade through months of consolidation before reaching the $0.439 hurdle after a 15% upswing. Therefore, even after a quick flip of the $0.381 resistance level, Ripple buyers need to exercise caution.
While things are looking up for XRP price, a daily candlestick close below $0.381 will be the first sign of buying weakness. A rejection here could result in a move to $0.340; a breakdown of which will invalidate the bullish thesis.
In such a case, investors can expect XRP price to reach the $0.287 to $0.311 demand zone, which is likely to be a key zone in triggering the next leg up.