Ripple rebound may be short-lived

  • XRP price was able to rebound after a steep correction.
  • Now, Ripple must slice through the 200 twelve-hour moving average to advance further. 
  • Failing to break through this resistance barrier could see XRP retrace to $0.566.

XRP price kicked off Monday with a bang. The cross-border remittances token jumped by more than 10% since the daily open. Still, it faces stiff resistance ahead.

XRP price eyes a quick bounce amid mounting pressure

XRP price has sparked a minor uptick after bouncing off the $0.793 support level.

While a further run-up seems likely, the supply zone extending from $0.90 to $1.178 can hinder the move. The 200 twelve-hour moving average at $0.927 could also be a deterrent of the upward price action. 

XRP price would have to clear this crucial resistance barrier for an uptrend to establish itself. If so, investors can expect Ripple to surge by another 25% to $1.02 before it takes a u-turn.

XRP/USDt 12-hour chart

It is worth noting that the $0.639 support level must hold for XRP price to jump. Failing to hold above this crucial price barrier will invalidate the short-term optimistic outlook. In that case, Ripple could slide by 12% toward $0.566.