- 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.
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.
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.