XRP price has sliced through the immediate demand barrier flipping it into a supply zone. Ripple’s recent jab at breaching this area has failed, creating a double bottom formation on the 6-hour chart. A trajectory to $2 seems likely but crucial levels need to be breached. XRP price hit a dead-end during the previous impulse wave, creating a recent local top, which resulted in a deep correction. However, the formation of a reversal pattern suggests that gains await holders. XRP price eyes to conquer $2 XRP price has shed nearly 40% of its value since hitting $1.98. During this correction, the remittance token dropped below a crucial demand barrier ranging from $1.33 to $1.50, flipping it into a supply zone. The initial correction that reversed around $1.16 tried to breach the recently formed overhead barrier. However, sellers continued to push Ripple lower. This move is setting up another swing low around the same level. If successful, it would result in a reversal pattern known as a double bottom. This setup forecasts a reversal in trend, and a confirmation arrives after the neckline at $1.54 is shattered. Therefore, Ripple bulls need to slice through the upper barrier of the supply zone at $1.50 and produce a decisive 6-hour candlestick close above $1.54 to confirm a reversal in the short-term downtrend. Considering that the subsequent demand barrier that stretches from $1.01 to $1.10 has not been tapped yet, XRP price could, under certain conditions, pierce this zone before proceeding higher. Hence, creating a higher high above said supply barriers will trigger a steady surge toward the $2.03 level. XRP/USDT 6-hour chart Regardless of the bullish outlook, investors should be wary of a potential spike in selling pressure that pushes into the demand zone present below the current price level. If XRP price manages to produce a solid close below this area of interest, it would signify buyers’ weakness and invalidate the bullish outlook. This development could also invoke a sell-off to 0.91 if the sellers persist. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next China’s Pres. Xi: Meddling in others internal affairs would not get one any support FX Street 2 years XRP price has sliced through the immediate demand barrier flipping it into a supply zone. Ripple's recent jab at breaching this area has failed, creating a double bottom formation on the 6-hour chart. A trajectory to $2 seems likely but crucial levels need to be breached. XRP price hit a dead-end during the previous impulse wave, creating a recent local top, which resulted in a deep correction. However, the formation of a reversal pattern suggests that gains await holders. XRP price eyes to conquer $2 XRP price has shed nearly 40% of its value since hitting $1.98. During this correction,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.