XRP Price Poised to Retrace! Is Price Action to $0.65 Imminent?
From the past 2 days Ripple’s XRP token is experiencing a period of high volatility, as FOMO seems to have impacted on the entire cryptocurrency market. XRP price surged more than 50%, from $0.44 to a high of $0.66.
Today early morning, the XRP price fell to an intraday low of $0.54017 before making a move. As selling pressure eased, bearish activity began to decrease XRP steadily climbed back toward the $0.6 level.
XRP Technical Analysis
At press time, the third-largest cryptocurrency is trading at $0.592195 with 5.67% gain. The altcoin possesses 24-hour trading volume of $19,251,154,516 USD.
Ripple’s XRP will need to move through the $0.5926 pivot level to bring the first major resistance level at $0.6449 into play.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.70. The second major resistance sits at $0.7114. Failure to move through the $0.5926 pivot would bring the first major support level at $0.5261 into play.
Although XRP seems to rise at greater highs, it may be bound for a short-term retracement before rising to new yearly highs. A decent buy pressure may spark a rally towards $0.88 before the ultimate push to $1.00.
Will XRP Price Hit $0.65 This Weekend?
The RSI is slowly climbing trend to the upper RSI boundary. Observing the RSI indicator as of late November just showed how high XRP price can go before selling pressure overwhelms the bulls. If this pattern is to be historically repeating, we should see XRP price escalate well beyond $0.65 in the week ahead.
On the other hand, the historical chart of 2018 clearly shows that in which XRP price reached highs of almost $4 per token. The same pattern was seen in mid-2017 and at present. Thus, rise to $0.65 expected by the weekend.
Also read : Ripple Price Analysis: Is XRP Price Ahead of a ‘2017 like’ Bull Run?
Analyst Predict XRP Will Hit $1
The popular trader and analyst with Twitter handle MagicPoopCannon is targeting $ 0.90 for the XRP price. If the crypto market and Bitcoin bull rally continue to rise, the analyst’s forecast is much higher. According to the analyst, the XRP price might soon hit $1.
Published at Fri, 18 Dec 2020 08:00:00 +0000
