XRP price is showing a mixed outlook today, April 11. CoinMarketCap data shows Ripple has posted a slight 0.7% gain in 24 hours but trading volumes are down by 52%.
Amid today’s slight uptick in price, the weekly, daily, and four-hour timeframe charts highlight several bullish scenarios for XRP that could precede a bullish breakout to $2.60
XRP/USDT Weekly Chart
XRP price is looking bullish on its weekly chart. It formed a Swing Failure Pattern (SFP) at $1.77 amid an intense selloff caused by the ongoing US-China trade war. After Ripple dropped to this multi-week low, it quickly swept liquidity before bouncing back, suggesting aggressive buying pressure at this level.
This week’s green candlestick also shows a resumption of buying activity. As long as Ripple holds above the SFP, it reinforces the bullish thesis and the likelihood it will extend its gains.
The main level that traders need to watch is $2.59, which is the critical weekly support and resistance. If Ripple makes a decisive close above 2.59 today, it will shift the trend to bullish and open the door for the XRP price to trade above $2.60.
XRP/USDT Daily Chart
The XRP daily price chart also strengthens the probability of a rally towards $2.60. Ripple has bounced from a Selling Climax above $1.80. This makes $1.80 a crucial support zone, and as long as XRP trades above it, it has a chance to recover.
The immediate resistance level for Ripple on the daily chart is $2.40. This is the Point of Control where most trading volumes have occurred in the past. This also makes it a key magnet for price, and if marks a strong buy zone for Ripple, it supports a bullish XRP price prediction and increases the likelihood of a bounce above $2.60.
XRP/USDT 4-Hour Chart
The lower timeframe also highlights a bullish XRP price prediction. For weeks. Ripple has been forming a series of lower highs, which often signals bearish momentum and seller dominance. However, it recently broke out of this pattern with a Break of Structure to form a higher low.
This shift suggests that the market sentiment is changing. If it maintains this structure and forms a series of other higher lows, it will kickstart a bullish reversal. However, forming another lower high might trigger an XRP price decline.
However, for Ripple to form a short-term bullish structure and rally to $2.60 today, it needs to form a sequence of higher lows, which will push the price to the next resistance level of $2.59. These higher lows may be sparked by developments in the SEC vs. Ripple lawsuit.
To sum up, the XRP price needs to defend the crucial support level of $1.80 to rally to $2.60. However, to maintain the bullish trajectory, it needs to form a series of higher lows on the lower timeframe and flip $2.40 where a lot of trading volumes are present. To reach $2.60 today, Ripple also needs a surge in buying pressure.
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