- XRP price has flipped a crucial hurdle at $0.40, hinting at a bullish development.
- Due to the lack of momentum the upswing to $0.448, $0.506 and $0.609 is delayed.
- A daily candlestick close below $0.316 will invalidate the bullish thesis for Ripple.
XRP price shows a clear sign of exhaustion after overcoming the selling pressure and flipping a significant resistance level into a support floor. Adding credence to the current scenario is Bitcoin’s lack of volatility, which has caused most altcoins to come to standstill. However, the remittance token does show promise of an explosive move, should the buying pressure spike.
XRP price awaits capital inflow
XRP price overcame the sellers at $0.400 resistance level and flipped into a foothold for the second time over the last week. However, this development consumed bullish momentum, leaving little buying pressure for further run-up. Adding downward pressure is also the lack of volatility from Bitcoin.
Starting a fresh week in a few hours, however, could kick-start a run-up for both Bitcoin and XRP price. In which case, investors can expect the remittance token price to continue the uptrend and revisit the $0.448 and $0.506 hurdles.
Once the buy-stop liquidity above these levels is collected, market makers can decide to flip convert these hurdles into support floor. If successful, it could allow for a continuation of the rally and tag the next crucial hurdle at $0.609.
This move would constitute a 54% upswing for XRP holders.
XRP/USDT 1-day chart
While things are looking up for XRP price, a spike in selling pressure that breaks down the $0.400 support level will signal weak bulls. If this move is followed by a four-hour candlestick close below the $0.316 foothold, the bullish thesis will face invalidation, leading to a correction in XRP price to $0.288.