- XRP price has flipped a critical resistance level at $0.65 into a support barrier, confirming the uptrend.
- A minor retracement retesting the said foothold followed by a climb to $0.745 seems likely.
- If Ripple breaks below $0.65, the uptrend scenario might be delayed.
XRP price saw a swift breach of the overhead supply barrier, flipping it into support. This move indicates the presence of buyers; therefore, it is likely Ripple will continue to head higher.
After the recent upswing, Ripple might undergo a minor pullback before ascending.
XRP price prepares for the next leg up
XRP price continues to surge despite the 35% downturn between June 20 and June 22. Over the past 24 hours, Ripple has rallied roughly 15%, flipping the range low at $0.65 into a support floor.
This development provides XRP price a foothold for its next leg up. However, investors need to note that a minor retracement that retests $0.65 seems likely. This pullback will allow buyers to jump on the bandwagon.
Therefore, a potential spike in bullish momentum might propel XRP price to the 79% Fibonacci retracement level at $0.745. This move is roughly 8% from the current position, $0.685 or 15% from $0.65.
If the buying pressure continues to pour in, Ripple price might likely tag 70.5% Fibonacci retracement level at $0.783.
XRP/USDT 6-hour chart
On the flip side, if XRP price slices through the range low at $0.65, it will indicate weak buying pressure. In such a case, the remittance token might retrace 13% to retest the June 23 swing low at $0.60.
A breakdown of this level will invalidate the bullish thesis and might push XRP price by 15% to $0.509.