As Ripple bulls gain strength to kick-start recovery, the XRP price renews their hope.

The price of XRP is trailing other cryptocurrencies, since Bitcoin has been on a long-term uptrend, with higher highs.
On October 18, the bulls’ inability to drive prices higher resulted in a 10% drop in the price of XRP.
However, a key sign shows that Ripple has reached a temporary low.

The price of XRP has dropped 14% from its swing high of $1.18 on October 16, tagging the prevailing chart pattern’s downward trend line. While Ripple (XRP) was on the verge of falling below $1, a major technical indicator suggests that the swing low may have established the local bottom for now.

The price of XRP reaches a new low on the local market.

On the 4-hour chart, the XRP price has been trapped within a downward parallel channel, as Ripple continues to record lower highs and lower lows. The Momentum Reversal Indicator (MRI) has flashed a bottom signal, indicating that the token is poised for a move higher, despite the fact that it is still in a consolidation pattern.

Ripple may bounce between the upper and lower channel borders before showing larger directional intents, according to the technical pattern. Following the slide down the chart…