XRP price to post 25% gains if bulls can overcome this hurdle
- 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
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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
