A delay in order flows as well as broader market indecision stalled XRP’s rebound rally, but the wait might be over.
Ripple (XRP) continued trading sideways since late August, leaving XRP custodians guessing the popular remittance altcoin’s next move. As just pointed out by the seasoned technical analyst Ali Martinez, XRP’s price just broke out of a muted trading phase, reflecting in last week’s closed range channel between $2.73 – $2.89.
XRP’s Price Range-Bound No More: ATH Retest Incoming?
While this stalling Ripple coin’s price action was logical amidst the indecisive market mood, Sunday’s market moves have finally initiated some refreshments. The third largest crypto asset by market cap picked up 7.9% gains since Sunday evening, now inching closer to the $3 resistance bubble.
This serves as a crucial psychological threshold, which can take Ripple coin (XRP) to retest the all-time heights if claimed on the daily timeframe. To assess further how this breakout could affect the OG altcoin, DailyCoin’s team applied the Parabolic Stop & Reverse (SAR) meter on XRP’s 4-hour charts on TradingView.
Visualized in blue dots trading below XRP’s price, the Parabolic SAR flashes ‘buy’ signal. This is bullish when paired with hefty trading volumes & other technical instruments. Luckily, Ripple coin’s (XRP) price broke through all three Bollinger Bands (BOLL), with the highest tier being $2.95.
With a trading volume of $5.8 billion this Monday, XRP bulls will be looking to sustain above $3 before claiming $3.65. Further on, crypto market observers are tying XRP’s long-term $5 price target with the eventual launch of Ripple’s exchange-traded funds (ETFs) & potential integrations with traditional finance, including SWIFT.
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