XRP price has exploded higher since closing above the noteworthy resistance level associated with the 200-day SMA on August 7, logging a 65% price gain last week and breaking the resistance aligned with the psychologically important $1.00 and the...
XRP price has exploded higher since closing above the noteworthy resistance level associated with the 200-day SMA on August 7, logging a 65% price gain last week and breaking the resistance aligned with the psychologically important $1.00 and the 38.2% retracement level of the April-July cyclical Ripple correction at $1.06.
This week XRP price has opted for consolidation, pulling back around 20% and successfully testing the $1.00-$1.06 level with a robust three-day rebound. The rebound repositioned Ripple XRP at the 50% retracement of the April-July price correction and removed the excess overbought condition daily RSI.
Moving forward, XRP is poised to continue the new rally with some possible resistance level at the 61.8% retracement at $1.40 before encountering heavy push-back at the 78.6% retracement level, which is reinforced by a series of highs printed in the first half of May. It represents close to a 30% return from the current XRP price.
Additionally, Ripple price will be featuring a bullish Golden Cross on the daily chart within the next week if the upside XRP price momentum continues.
A renewal of the Ripple XRP price pullback needs to hold the $1.00-$1.06 range on a daily closing basis. If not, Ripple will endure a 15% fall to the 200-day SMA at a price of $0.84, thereby dimming the bullish aspirations of not only a break of the April high at a price of $1.96 but also the all-time high of $3.30 recorded in January 2018.
The crypto majors continue to flex a bullish posture, discovering support levels at the crucial support prices while showing no distribution on down days. It is consistent with a strong crypto market and creates the energy for new rally highs and all-time highs for Bitcoin and Ethereum.
Here, analysts evaluate where Ripple XRP could be heading next as it seems primed for a pullback before higher highs.
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