• XRP price will face multiple obstacles ahead before the token could return to $1.02.
  • Ripple will need to slice through the stiff hurdles ahead before reaching the optimistic target with a 31% ascent.
  • An increase in selling pressure may incentivize the bears to target the 200 three-day SMA next at $0.67.

XRP price has seen its momentum shift slightly to the downside after recording its swing high on February 9 at $0.91. Ripple may be looking to discover critical levels of support before targeting higher levels. The cross-border remittances token may be confronted with a series of challenges before its return to $1.02.

XRP price plans return to $1.02

XRP price has formed a symmetrical triangle pattern on the 3-day chart, suggesting that Ripple may continue to consolidate and move sideways within the foreseeable future. After a shift in momentum, the token is sliding lower to explore critical levels of support before its next rally.

If bullish sentiment rises, XRP price could aim for the upper boundary of the governing technical pattern at $1.02, coinciding with the 61.8% Fibonacci retracement level. However, a few challenges may arise before Ripple manages to tag the aforementioned optimistic target.

The first line of resistance may emerge at the 38.2% Fibonacci retracement level at $0.82, then at the 50 three-day Simple Moving Average (SMA) at $0.92, intersecting with the 50% retracement level.

Additional buying pressure push XRP price higher, but Ripple may be confronted with a hurdle at the 100 three-day SMA at $0.95 before reaching the bullish target at $1.02.

XRP

XRP/USDT 3-day chart

However, if a spike in sell order occurs, XRP price will find an immediate foothold at the 21 three-day SMA at $0.76. An additional line of defense will appear at the 23.6% Fibonacci retracement level at $0.70, then at the 200 three-day SMA at $0.67.

A further increase in bearish sentiment may see XRP price fall toward the support line given by the Momentum Reversal Indicator (MRI) at $0.59 before Ripple drops toward the lower boundary of the prevailing chart pattern at $0.55.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Could USDT depeg following recent accusations from Consumers' Research?

Could USDT depeg following recent accusations from Consumers' Research?

A digital billboard accusing Tether of corruption was featured in Times Square. Historically, stablecoins often depeg following controversies surrounding respective parent companies. Tether recently launched a new synthetic dollar backed by gold.

More Cryptocurrencies News

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Monthly active users on Ethereum chain’s Layer 1 and 2 projects have crossed 25 million per Token Terminal data. Despite the rise of Ethereum’s competitors like Solana, with the meme coin narrative, Ether remains relevant among traders. 

More Ethereum News

ZKsync token faces massive sell-off following launch

ZKsync token faces massive sell-off following launch

A report from Nansen on Tuesday revealed that the top 10,000 wallets that were airdropped ZKsync's newly launched ZK token have begun selling their holdings. The price of ZK has dropped 34.5% since its inception after nearly half of the top wallets that received its airdrop on Monday sold all of their allocation.

More ZKsync News

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Ethereum is down 3% on Tuesday as Hashdex submitted a market-weighted crypto ETF to the SEC, aiming to track the price of ETH and Bitcoin. Global investors have also increasingly purchased ETH ETFs amid declining exchange reserves.

More Ethereum News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP