XRP Price Analysis: Is Ripple Ready For A Launch to $1?

The post XRP Price Analysis: Is Ripple Ready For A Launch to $1? appeared first on Coinpedia Fintech News

Coming back to $0.70, Ripple prices fall by 4.85% on Monday after facing rejection from the $0.81 resistance. Trapping multiple bullish inclined traders, XRP prices now trade at a 14.50% discount from that of last week. 

Nonetheless, the bull run is not lost as the XRP price action shows lower price rejection and floats above $0.70. This also highlights the presence of strong investors between $0.69 and $0.67. 

Presently, the XRP price action shows a possibility of a morning star as it takes support at the 61.80 Fibonacci level. Moreover, the price action hints at a double bottom forming with a neckline at $0.81 upon successful reversal. 

Coming to the trading volumes, the second correction phase from $0.81 did lack bearish commitment. Plus, it presented a declining trend. The 20-day EMA (red) holds the bullish guard for now meanwhile the 50-day EMA (green) and 200-day(black) maintain positive alignment. 

The RSI indicator exits the oversold zone and flattens out close to the neutral line projecting a potential uprising. Similarly, Stochastic RSI hints at a bullish crossover shortly. Therefore, the technical indicators and the XRP price action support a bullish reversal possibility. 

Therefore, the Ripple price can reach $0.81 if it sustains the $0.67-$0.69 range. On an even optimistic note, if the XRP coin price breaks above $0.81, it may reach the 1.618 Fibonacci level at $1.03.

On the flip side, a fall down below $0.67 can plunge the price of XRP to $0.59.