Ripple (XRP) On November 2, he managed to break out of a symmetrical triangle pattern. A retest of the $1.137 level confirms the start of the rise towards $2. Here is Ripple’s (XRP) are the levels to watch out for in a possible 80% rally.
Ripple (XRP) price has been in an “attack expected” position by its investors for a while. XRP investors got some happy news on November 2, confirming that the XRP price has managed to break out of a “symmetrical triangle pattern”. A retest of the $1.137 level confirms the start of the rise towards $2. However, the price drop below the $1.05 support level is an important detail that will invalidate this bullish argument. Watching other levels important to XRP will be critical.
On November 2, the last two months of “price inactivity” in XRP was broken as Ripple bulls broke through an important resistance barrier that started a potential bull rally.
XRP price has shown “lows, lows” and “lows, highs” multiple times since August 8. This technical formulaforecasts that the distance between the initial high and low swing could reach $1.97, an 80% increase obtained by adding the breakout point at $1.1.
Although XRP price broke the upper trendline of this setup, a daily close above the 50% Fibonacci retracement level at $1.13 adds credibility to the uptrend. Therefore, investors will approach Ripple’s next important barrier at $1.41 and continue the bullish move from this level.
If buyers manage to push the XRP price above this level and hold it there, this will mark an important “turning point” and further strengthen the move to $2.
A climb to $2 will be just the beginning as the uptrend could extend from $2.32 to the 161.8% trend-based Fibonacci extension. However, in a bullish case, XRP price could try to move up to retest the psychological $3 or all-time high of $3.31.
Despite all this technical analysis, XRP price is hovering above a key support base of $1.13. If the price drops below this support even momentarily, XRP investors can panic sell and these panic sales can bring a withdrawal up to $1.05. A daily close below this level will invalidate technical analysis.
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.