Ripple Price Prediction: XRP’s rise to $1 hinges on one crucial upside barrier
- XRP/USD remains primed for a big technical breakout.
- The No. 3 coin battles descending trendline resistance on the 12H chart.
- Acceptance above the key Fib 61.8% hurdle is critical to take on the $1 mark.
Ripple (XRP/USD) sellers have returned this Sunday, as the recent recovery from sub-$0.50 levels appears to lose steam.
XRP/USD: Technical setup favors the bulls
However, from a technical perspective, it looks like the bulls have taken a breather before the bullish reversal picks up pace.
XRP/USD: 12-hour chart
Looking at the 12-hour chart, Ripple continues to face strong offers at the one-week-old descending trendline resistance, now at $0.6262.
Closing on the candle above that level could trigger a fresh breakout, with the bullish Relative Strength Index (RSI) favoring the move higher. Although the follow-through buying interest could weaken at $0.6576, which is the critical resistance of the 61.8% Fibonacci Retracement of the pullback from the highest level since May 2018 reached at $0.7842 last Tuesday.
Acceptance above the latter is critical to reviving XRP/USD’s journey towards the $1 mark. Alternatively, the bullish 21-simple moving average (SMA) at $0.5226 is the level to beat for the bears. The next relevant downside target awaits at the 50-SMA of $0.3762.
All in all, the upside appears more compelling in the week ahead.
XRP/USD: Additional levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
