Crypto News | XRP Price Prediction looks good after correction.
- 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 $2.00
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.
