Ripple could gain 35% if it breaches this key level

  • XRP price has been consolidating below a crucial resistance level at $1.27, unable to breach it.
  • A decisive close above $1.27 will likely trigger a 35% ascent to $1.70.
  • If Ripple fails to hold above $1.09, it will invalidate the bullish thesis.

XRP price rallied after forming the third swing low on August 31. However, this upswing did not have enough momentum to breach a critical barrier. As Ripple continues to consolidate below this barrier, a massive rally awaits.

XRP price anticipates huge gains

XRP price rose 21% between August 31 and September 3, retesting the $1.27 resistance barrier. However, over the past 48 hours, Ripple has failed to cross this key hurdle, which is keeping the altcoin from gains.

A decisive daily candlestick close above $1.27 will confirm a breakout and propel the remittance token by 27% to tag the upper limit of the fair value gap. If the buying pressure continues to persist, XRP price will likely climb to tag the subsequent ceiling at $1.70. This move would represent a 35% ascent from the current position.

Although a further ascent is plausible, Ripple is likely to retrace and gather steam.

XRP/USDT 1-day chart

On the other hand, a failure to breach through the $1.27 resistance barrier will indicate a weakness among buyers. Such a development could also lead to a potential sell-off, pushing XRP to retest the August 31 swing low at $1.09.

If Ripple produces a lower low below $1.09, it will invalidate the bullish thesis and increase the chances of a sell-off.

Β 


Be the first to comment

Leave a Reply

Your email address will not be published.


*