– Ripple price retests an inclining trendline, connecting the swing lows from mid-2022.
– Investors should prepare for a potential deviation below this trend line that retests $0.468.
– A recovery above $0.532 could see XRP revisit the $0.696 resistance level.
– A decisive flip of $0.468 could see the remittance token revisit $0.379
Ripple (XRP) price has been on a slow uptrend stuck between two inclining trend lines.The recent
revisit of the lower trend line does not look for XRP, but the outlook could improve if certain conditions are met.
Also read:
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gains strength as GBTC outflows shrink
Ripple price needs a plan
Ripple price has been on a steady uptrend with higher highs and higher lows since June 2022.Every time XRP revisits the lower trend line, it bounces higher, producing a new swing high.Considering the stale market conditions where only a select few coins are rallying, it is highly unlikely the remittance token kickstarts its rally.
Hence, investors should be wary of opening swing-long positions at the current level of $0.507.Instead, they should expect the following:
XRP price to fully breach the inclining trend line and retest or sweep the $0.468 support level.
While this development is bearish in the short term, traders should watch for a quick recovery above the $0.532 support level and the inclining trend line.
If the above two conditions are met, it will cement the bullish stance for the remittance token.In such a case, investors can expect XRP price to resume its uptrend and tag the immediate resistance level at $0.696.
Read more:
Binance freezes $4.2M in XRP tokens stolen from Ripple executive’s wallet
XRP/USDT 3-day chart
On the contrary, if XRP price retests the $0.468 support level but fails to bounce from here, it would signal a weakness in the bullish camp.
If the remittance token flips the aforementioned level into a resistance level, it will invalidate the bullish thesis for Ripple.
In such a case, XRP price could crash roughly 18% and revisit the $0.379 support floor.
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