• XRP price broke out of a bull pennant on April 10, targeting $1.58
  • If the buying pressure persists, Ripple might surge another 16% to $1.68.
  • The MRI shows the formation of a cycle top on the 12-hour chart, suggesting a move lower.

XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction.

XRP price remains indecisive

XRP price spiked 100% from April 4 to April 6, creating a flag pole. The consolidation in the form of a pennant that ensued after the initial leg up created a bull flag pattern.

The technical formation forecasts a 50% upswing, determined by measuring the flag pole’s height and adding it to the breakout point. This consolidation saw a breakout on April 10 at $1.05, which signaled the start of a new uptrend to $1.58. 

Since breaking out of the pennant, XRP price has surged nearly 42% to $1.50 but failed to hit its target at $1.58. If the remittances token manages to muster up bullish momentum, it might head toward the immediate supply barrier at $1.68, created by the Momentum Reversal Indicator’s (MRI) breakout line.

XRP/USDT 4-hour, 12-hour chart

XRP/USDT 4-hour, 12-hour chart

The bullish momentum that more than tripled XRP price seems to have disappeared, resulting in consolidation. Additionally, the MRI has printed a cycle top in the form of a red 'one' candlestick on the 12-hour chart, forecasting a one-to-four candlestick correction.

Hence, a potential spike in selling pressure might push XRP price toward the 78.6% Fibonacci retracement level at $1.16. This move would indicate a 19% downswing.

If the said barrier fails to absorb the bearish momentum, the Ripple price could be in for a 13% correction toward the MRI’s State Trend Support at $1.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XLM ready to catch up with XRP as it targets $1

A brief technical and on-chain analysis on XLM price. Here, FXStreet's analysts evaluate what Stellar needs to do to advance further. 

More Stellar Lumens News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

More Dogecoin News

Ethereum price vies to set new all-time high despite the recent flash crash

Ethereum price rose exponentially over the past 48 hours but experienced a massive flash crash on October 21. While this pushed ETH down significantly in a short period, the bulls’ perseverance kept the token afloat and ready for a new journey.

More Ethereum News

US public pension fund pours $25 million into Bitcoin and Ether

Institutional interest in cryptocurrencies continues to rise as a pension fund in the United States has made a substantial purchase in Bitcoin and Ether as the leading cryptocurrencies recently reached new all-time highs. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP