Search ForexCrunch
  • XRP price could face rejection from a massive supply barrier.
  • On its way down, the  $0.84 barrier might act as support.  
  • Bouncing off this critical demand zone may lead to an upswing to $1.32.

XRP price seems to be facing a spike in selling pressure that could see it dive before its next lef up.  

XRP price looks primed to retrace

XRP price  appears to be heading higher, but  the recent swing highs have been higher lows. Such market behavior suggests a waning buying power behind Ripple.

The trend shift alongside  multiple overhead barriers  indicate  that XRP price is coiling up. Thus, a rejection from  the supply zone extending from $1.094 to $1.183 could push Ripple  lower.

On the way down, the support barrier at $0.84 appears to be the best place for a rebound since it coincides with an ascending  support trend line that dates back to the beginning of the year.

Investors can expect XRP price to slide by 16% to $0.84 before it kick-starts a new leg up. It is worth noting that a spike in selling pressure around the underlying support could see Ripple  retest the next demand zone’s  at $0.642.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

Regardless, a decisive daily candlestick close above $1.183 will invalidate the bearish narrative. In such a case, the bulls might propel XRP price up by 12% to $1.320.