XRP price eyes a 25% rally if Ripple bulls storm through this key hurdle
- Ripple bulls extend a three-day uptrend above the $1 mark.
- XRP price preps up for a falling wedge breakout on the daily sticks.
- RSI stays firmer above 50.00 amid encouraging fundamental factors.
The XRP price is trading on the right foot stepping into the weekend, extending its three-day recovery momentum from four-week lows of $0.9543
Ripple bulls stand resilient despite the downbeat mood seen across the crypto market, as the no.3 coin’s fundamental news remain supportive of the ongoing uptrend.
Among the encouraging factors, the Japanese online financial group, SBI Holdings Inc., revealed that it uses XRP, as a bridge currency, for international remittances to the Philippines in collaboration with SBI VC Trade and SBI Ripple Asia.
Further, “analysts predict a 324% rally for XRP price based on Ripple’s latest partnerships and proceedings in SEC vs. Ripple case,” FXStreet’s Crypto Editor, Ekta Mourya, notes.
How is XRP price positioned on the daily chart?
On its road to recovery from monthly troughs, XRP price has recaptured all the major Daily Moving Averages (DMA), now looking to challenge the last key resistance level to extend the bullish reversal.
The abovementioned barrier is the falling trendline resistance at $1.1415, a daily closing above which will confirm an upside breakout from the month-long falling wedge formation.
The bullish technical breakout will open doors for a fresh rally towards the pattern target measured at $1.4075.
Ahead of that, XRP bulls will face stiff resistance at the October highs of $1.2291. Further up, the $1.30 round figure will come into play,
XRP/USD: Daily chart
On the flip side, a rejection at the falling trendline resistance could recall the sellers, dragging XRP price lower to test the resistance-turned-support of the 21-DMA at $1.10.
The next significant support is envisioned at the horizontal 50-DMA of $1.0567.
Sustained weakness in XRP price could prompt the bears to test the bids around $1.0250, where the 100 and 200-DMAs hover.
Sellers will seek fresh entries below the latter, triggering a fresh sell-off towards the multi-week lows, followed by the next cap seen at the falling trendline support of $0.9472.
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.
