Ripple XRP price shows strength

 XRP recent price uptrend move could be the beginning stages of a larger price rally, but the final confirmation still needs to be confirmed.

XRP has strengthened during Autumn as the remittance token rallied 60% since September. Currently, a trading range coils from October's highs at price of $0.54 to the lows at $0.42.

 

Ripple XRP price shows strength

XRP auctions at price of $0.47. An uptick in volume is shown during the recent uptrend move, which is an optimistic gesture for upcoming days. Still, the 60% rally since October can be viewed as part of a much larger structure, as the top of the descending parallel channel pattern has yet to be breached.

This thesis proposes that XRP price has space to climb, but traders should be careful with adopting a hold mentality in the weeks to come. The next targets lie at price of $0.63. 

XRP will need to close above the descending parallel pattern at $0.66 on the weekly time frame to call for a larger uptrend price move. If the bulls are successful, the ripple XRP price could rally as high as the $1.00 levels, resulting in a 100% Increase from the current market price. 

A failure to hurdle the descending trend pattern leaves the possibility for a deeper retracement level in the future. Key levels of interest would be at $0.41 and potentially $0.34 liquidity levels, leading to a 30% sell-off from the current Ripple XRP price.

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