XRP Price Cross 50% Fib Retracement Level With This Breakout?
The post XRP Price Cross 50% Fib Retracement Level With This Breakout? appeared first on Coinpedia Fintech News
As market volatility increases, with the Bitcoin price fluctuating sharply this week, altcoins like Ripple are finding tailwind momentum. With the XRP price restarting a bullish reversal, buyers are anticipating a breakout run shortly.
With the increased speculations in the crypto market and the upcoming Bitcoin halving, the altcoin season is coming close. Amidst this season, will the XRP price cross the $1 barrier for a new all-time high this year? Find out more about our XRP price prediction.
Will Ripple Cross $1?Taking off from the crucial demand zone at $0.50, the XRP price showcases a double-bottom reversal in the weekly chart. With a neckline close to $0.66, the uptrend in Ripple is tackling multiple resistance along the way.
As the altcoin price struggles to sustain above the 23.60% Fibonacci retracement level, it also faces opposition from the supply above the overhead resistance trendline. Further, the higher price rejection reflected in the long wick of last week’s candle, the sellers remain dominant at these price levels.
Currently, the XRP price trades at $0.63 with an intraday fall of 1.08% as a pullback of the 4.80% overnight jump. Further, the 10% jump in the past two days sets a bullish tone to the recovering rally.
Technical Indicator:
MACD: With a bullish crossover in the MACD and signal lines, the reversal rally finds the support of this momentum indicator.
RSI: The weekly RSI line shows a quick turnaround, crossing above the halfway line, reflecting a surge in underlying bullishness.
Will XRP Price End The Bear Run?With the buyers challenging multiple resistance, the XRP price stands at a pivotal crossroads that might define the upcoming trend. Considering the buyers sustain the uptrend, the altcoin could hit the 50% Fibonacci level at $0.93. Optimistically, the breakout rally could easily reclaim the psychological mark of $1.