• XRP price is hovering below the 50% Fibonacci retracement level at $1.24.
  • A decisive close above this resistance level will likely trigger a 25% ascent to $1.54.
  • If Ripple bears produce a lower low below $1, it will invalidate the bullish thesis.

XRP price has been hovering below a crucial barrier for more than two months and shows signs that it is planning to move past it. This move will require strength from buyers and could trigger a quick run-up to significant levels.

XRP price fumbles

XRP price is struggling as it encounters the 50% Fibonacci retracement level at $1.24. The remittance token has been below this level for more than two months. While the recent run-up produced a close above this hurdle, the retest failed and led to a dip back below it. Therefore, it is uncertain where the XRP price will head next. 

A daily close above $1.24, followed by a retest of the same barrier will confirm a successful breakout. Such a move will see XRP price rally to retest the next significant levels at $1.42 and $1.54, coinciding with the 62% and 70.5% Fibonacci retracement levels.

The move from $1.24 to $1.54 would constitute a 25% ascent. However, in a highly bullish case, XRP price could extend this run-up to tag the $1.66 ceiling.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While things are looking uncertain for XRP price, a failure to shatter $1.24 will indicate that the buyers are not ready yet. This development could trigger a 14% correction to $1, where the remittance token could give the upswing another go.

A daily close below this, however, would produce a lower low and invalidate the bullish thesis for XRP price.

 

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