Ripple (XRP) price continued to recover after falling more than 70% in a correction from April 2021 to January 2022. Can XRP price reach $1 after 25% gain in one week? The analyst seeks the answer to this question and points out the important support levels. However, a fractal from the 2018-2019 story could spell trouble for XRP’s long-term upside outlook. Details are on Kriptokoin.com.
Levels for Ripple
On February 13, XRP/USD rallied as high as $0.916, around the 50-week exponential moving average (50-week EMA) of $0.833. The upside move, while not decisive, has opened up possibilities for further bullish momentum, mainly due to a historical buying sentiment around the wave in question. More than a year after flipping the wave as resistance, traders have successfully reclaimed the 50-week EMA as support for the week ending July 27, 2020. Later, the price of XRP rose more than 820% to $1.98 in April 2021, the best level in more than three years. Can XRP get $1 back? According to the analyst, XRP now needs to stay firmly above its 50-week EMA, which could allow it to retrace $1 in the coming sessions. The level, which is about 25% above current price levels, coincides with XRP’s two key resistance targets. The first is the multi-month downward sloping trendline, which has limited the token’s uptrend since April 2021.
The second target, meanwhile, is the 0.382 Fib line drawn to the Fibonacci retracement level between $2.70 and $0.10, and XRP’s strong rally by acting as both support and resistance at the same time. Has a history of limiting trends. Failure to secure a firm close above the 50-week EMA resistance could result in a pullback to XRP’s 200-week EMA around $0.54. This move risks holding the price within a range defined as resistance by the 50-week EMA and support by the 200-week EMA, which could result in further breakouts to the downside. If the fractal emerges like it did in 2018-2019, XRP will risk falling below the 200-week EMA support around $0.54 in the coming sessions.
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