- XRP price has not formed a bearish pennant pattern like most altcoins.
- Coinbase has vowed to support the digital remittance token regarding the SEC dispute.
- Invalidation of the bullish outlook is a breach below $0.316.
XRP price could be preparing for a move to the upside. Consolidation occurs near the top end of a range, while technical indicators provide support. Key levels have been defined to gauge XRP’s next potential move.
XRP price might see a move
XRP price has diverged from most cryptos as the bulls are resilient to the market’s downtrend suppression. The digital remittance token has yet to form a pennant pattern like the majority of the too cryptos and is at the upper end of the range following its recent decline. XRP price will either expand toward the mid-$0.40 zone or fall sharply in the coming days.
XRP currently auctions at $0.37. The bulls have hurdled above the 8-day exponential moving average (EMA) and are retesting the indicator for added support. The Relative Strength Index (RSI) has climbed back into support and hovers above both of the RSI’s moving averages, which is an optimistic signal. If the market is preparing for a larger countertrend bounce, a hike toward the recently broken support zone at $0.46 would be an ideal target to aim for.
XRPUSDT 1-day chart
The optimistic technicals come at an interesting time, as several crypto giants in the space have vowed to back Ripple in the ongoing SEC lawsuit. Just recently, Coinbase stepped into vow their allegiance to the digital remittance token’s community, proposing that a loss for XRP would be a loss for the crypto ecosystem as a whole.
Still, the bullish outlook targeting $0.46 depends on the swing lows at $0.316 holding as support. A breach of the lows could send XRP to the 2020 congestion zone near $0.26. The XRP price would decline by 35% if said price action were to occur.
In the following video, our analysts dive deep into the price action of Ripple, analyzing key market interest levels. -FXStreet Team