(Akash Girimath – FXStreet)
– XRP price is ready to take off but awaits confirmation from the big crypto Bitcoin.
– The higher low produced at $0.437 could be key in triggering a rally to the $0.561 to $0.596 hurdle.
– A daily candlestick close below the $0.381 to $0.433 demand zone will invalidate the bullish outlook for Ripple.
XRP price has produced a key signal that reveals the underlying bullish intent. The only requirement now is sustenance from the big crypto or another leg-up. These conditions will complement Ripple bulls’ intentions and catalyze another rally in the altcoin to significant levels.
Ripple price prepares for the next explosive move
Ripple price has been using the $0.381 to $0.433 demand zone as a key support level after ending its 74% rally. The retracement that followed tagged the said demand zone on September 28 and bounced 19%.
Due to market conditions, XRP price formed a local top at $0.508 and reversed the trend, undergoing a 14% retracement to form a higher low at $0.437. This setup reveals a bullish outlook and considering that Bitcoin price has also risen after weeks of consolidation, makes it an appealing scenario to anticipate.
Therefore, market participants should watch for an incoming bounce that could potentially propel the remittance token by 17% to retest a major resistance structure, extending from $0.561 to $0.596.
Regardless of the bullish outlook that Ripple price displays, things could turn ugly if the big crypto fails to hold up its end. The translation of this for XRP price would involve a breakdown of the demand zone at $0.381.
This move would invalidate the bullish thesis for XRP price and potentially induce a correction to the $0.360 intermediate support level.
Related: Has Bitcoin price exhausted the FOMC-driven rally?
Read Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets turn green but need confirmation