With a massive bullish surge of 78.74% last week, the altcoin has reclaimed the $1 psychological mark. Before this, the XRP price shot up 17.24% in early November.
As XRP stands at a crucial crossroads, will the uptrend reach the $1.56 mark? Let’s look at Coinpedia’s XRP techncial analysis, which is filled with technical insights and price targets.
XRP Price Tests 23.60% Fibonacci Level After Triangle Breakdown
In the weekly chart, the XRP price trend shows a triangle breakout rally gaining momentum.
Currently, the XRP price is trading at $1.11, with a 5.37% gain this week. With the bullish recovery, the triangle breakout rally has surpassed the 61.80% Fibonacci level at $1.08.
Furthermore, the higher price selection in the two weekly candles faces opposition from the $1.29 or the 78.60% Fibonacci level.
Technical Indicators:
EMA: The increased bullish influence has resulted in a positive crossover within the 50-week and 100-week EMA lines. Additionally, the uptick in the 50-week, 100-week, and 200-week EMA signals a healthy positive alignment.
MACD: The MACD indicator shows a bullish crossover with a sharp surge in the MACD and signal lines.
Will XRP Price Fall Under $0.50?
With the bullish recovery at play, XRP has now recorded a new 52-week high of $1.2654. This is the highest price for XRP since November 2021.
Based on the Fibonacci retracement levels, the upside price targets for XRP are $1.56 and $2.34. In case of a bullish failure, a potential retest of the 50% Fibonacci level at $0.9318 is possible.
Worried about XRP in the long run? Read Coinpedia’s Ripple (XRP) Price Prediction for 2024-2030 and subscribe to us for the latest crypto updates.
FAQs
XRP has broken out of a triangle pattern, gaining 78.74% last week, reclaiming the $1 psychological mark, and trading at $1.11.
Based on Fibonacci retracement, XRP is targeting $1.56 and $2.34, supported by a positive EMA alignment.
In case of a bearish reversal, XRP may retest the 50% Fibonacci level at $0.9318 for support.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed