Ripple (XRP) The price is trading below the 50% Fibonacci retracement level at $1.24. A daily close above this resistance level is likely 25%It could trigger a rally to $1.54. However, there are important levels to follow, here is what we have compiled for you. Ripple (XRP) analysis.
A rally is likely on the way if ripple bulls stay strong and daily close above the $1.24 resistance. But if the Ripple bears take control and find a lower bottom, the bullish thesis will be invalidated.
XRP price has been trading below an important barrier for about two months now, and it seems like signs are starting to appear that it wants to break through. For a move from Ripple in this direction to come, a force from the buyers will be required.
XRP price is struggling a bit as it faces the 50% Fibonacci retracement level at $1.24. XRP has been trading below this level for about two months. Although the last bullish attempt closed above this barrier, the retest phase failed and the decline took place. It remains unclear exactly what level XRP will go to if it crosses this level again.
If the retest following the daily close above $1.24 is successful, it will herald a successful breakout. This move will coincide with the 62% and 70.5% Fibonacci retracement levels for a retest of $1.42 and $1.54, the next key levels in XRP price.
A move of $1.54 above $1.24 represents an average of 25% rise in XRP price. However, if the bullish move gets stronger, it could push the price up to $1.66.
Although the future of XRP price seems uncertain, failure to break $1.24 will be a signal that buyers are not ready yet. This development could bring the correction towards the $1 level (about 14% drop), which will allow XRP to rise once again.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.