Fxstreet.com experts said that the upside potential for the price of Ripple XRP is capped at 22%.
Fxstreet.com noted that the XRP price bounced off the demand zone from $ 0.700 to $ 0.752, preventing a steep correction. As a result, the rally pushed Ripple up 13% to the level it is currently trading at. Although a slight pullback is possible, investors can expect the uptrend to continue.
The initial resistance at $ 0.817 is the first hurdle the XRP price needs to break. This will allow the remittance token to reach the impressive $ 0.861 level as it coincides with the 50-day simple moving average (SMA).
If buyers unite, there is a chance XRP price could rally higher and retest the $ 0.944 barrier, which coincides with the 200-day SMA. This move will see the overall XRP price gain up to 22%. Any further attempt to move higher seems unlikely.
As the XRP price rises, there are many obstacles in the way. If the XRP price closes the 4-hour candlestick below $ 0.700, it will create a lower low, refuting the bullish thesis.
It was previously known that the deadline for an expert opinion in Ripple’s lawsuit against the SEC was postponed by a month due to the coronavirus.
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