XRP price is pursuing a kick-start upward movement towards $1.00 and collecting further gains. The uptrend that the digital token experienced recently retracted to $0.756 after its Sunday high, but all signs indicate that a bullish momentum for the token is likely to come back.
XRP has two crucial liquidity zones at the moment. The market makers need to choose between these two in the coming days. However, the more likely scenario is that XRP bulls will come back, and this move will collect buy-stop liquidity for the coin.
Ripple XRP has seen two higher highs and three higher lows since the February 12 high. When connected with trend lines, these swing points show a rising wedge formation. This technical formation indicates a 9.6% fall to $0.756. This value is obtained by measuring the distance between the higher high and higher low swings and adding it to its current price.
Investors expect that the token will break down to $0.756, where sideline buyers can come in and accumulate gains on XRP. The upswing after this will be the key for Ripple to see the coin rise above the $0.866 hurdle and make its way towards a higher liquidity pool at $0.917.
Clearing this zone will let the market makers push the cross-border remittance token to $1 and clear the buy-stop liquidity resting above the level. Once this happens, the coin will experience 35% gains, and a new local top is likely to form.
Things may be looking great for XRP, but a breakdown at the $0.756 support level is expected to knock the XRP price down to $0.679. However, this is unlikely, especially with the Ripple vs. SEC lawsuit developments and the blockchain’s expanding remittance ecosystem. These two together are helping pull the XRP price upwards and are likely to continue pulling support from the crypto space in the coming days.
