- XRP price has perfectly retested the flip of the declining trend line, confirming a new leg-up.
- Investors can expect this trend to reach $0.387, and even $0.439 to realize an 18% gain.
- A four-hour candlestick close below the July 19 swing low at $0.351 will invalidate the bullish thesis.
XRP price looks ready for a run-up after flipping a significant resistance level into a support floor. This development suggests that investors are ready for a quick run-up to more crucial levels.
XRP price displays bullish momentum
XRP price was stuck trading below a declining trend line, producing lower highs since May 2022. However, on July 18, this resistance barrier was breached, signaling a bullish breakout.
While XRP price consolidated above this level for more than a day, it took off on July 19, indicating that the buyers are still present. If this trend continues, there is a good chance Ripple will retest the $0.387 hurdle.
Flipping this hurdle into a foothold would be the next key development. If successful, XRP price could further extend its rally to $0.439. This move would constitute an 18% gain for investors.
XRP/USDT 4-hour chart
Regardless of the bullish outlook, investors need to pay close attention to the Bitcoin price. While BTC looks bullish due to its recent move above the 200-week Simple Moving Average (SMA), a breakdown could cause panic-selling.
If XRP price produces a four-hour candlestick close below the July 19 swing low at $0.351, it will create a lower low and invalidate the bullish thesis. In such a case, XRP price could revisit the midpoint of the range at $0.336.