Ripple (XRP) The price failed to maintain its momentum and declined slightly after surging towards $0.91 on February 9. Ripple may be discovering critical support levels before targeting higher levels. XRP will try to overcome these relatively tough resistances before it raises its price to $1.02.
XRP Price Plans $1.02
XRP priceformed a symmetrical triangle pattern on the three-day chart, suggesting that Ripple may continue to move sideways, consolidating in the near time frame. Following a shift in momentum, XRP may experience occasional dips, identifying critical support levels before it can make its next rally.
If it strengthens the bullish sentiment, XRP price may have targeted the upper bound of the governing technical pattern at $1.02, which coincides with the 61.8% Fibonacci retracement level. However, as just mentioned, XRP seems to have to overcome some tough hurdles to get to this level.
The first level of resistance could cross the 50% retracement level at the 38.2% Fibonacci retracement level at $0.82, then $0.92 on the 50 three-day Simple Moving Average (SMA).
The increased buying pressure may be pushing the XRP price higher, but Ripple may face a hurdle at the 100 three-day SMA at $0.95 before hitting its bullish target of $1.02.
If the selling pressure builds, XRP price will quickly find support at the 21 three-day SMA at $0.76. An additional level of support will emerge at the 23.6% Fibonacci retracement level at $0.70, followed by the 200 three-day SMA at $0.67.
A further increase in the bullish sentiment could see XRP price drop towards the support line given by the Momentum Reversal Indicator (MRI) at $0.59, with Ripple falling towards the lower boundary of the current chart pattern at $0.55.
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.