The post Triangle Breakout Fuels XRP Price Run: $1.56 Target in Sight? appeared first on Coinpedia Fintech News
With a massive bullish surge of 78.74% last week, the altcoin has reclaimed the $1 psychological mark. Before this, the XRP price shot up 17.24% in early November.
As XRP stands at a crucial crossroads, will the uptrend reach the $1.56 mark? Let’s look at Coinpedia’s XRP techncial analysis, which is filled with technical insights and price targets.
XRP Price Tests 23.60% Fibonacci Level After Triangle Breakdown
In the weekly chart, the XRP price trend shows a triangle breakout rally gaining momentum.
Currently, the XRP price is trading at $1.11, with a 5.37% gain this week. With the bullish recovery, the triangle breakout rally has surpassed the 61.80% Fibonacci level at $1.08.
Furthermore, the higher price selection in the two weekly candles faces opposition from the $1.29 or the 78.60% Fibonacci level.
Technical Indicators:
EMA: The increased bullish influence has resulted in a positive crossover within the 50-week and 100-week EMA lines. Additionally, the uptick in the 50-week, 100-week, and 200-week EMA signals a healthy positive alignment.
MACD: The MACD indicator shows a bullish crossover with a sharp surge in the MACD and signal lines.
Will XRP Price Fall Under $0.50?
With the bullish recovery at play, XRP has now recorded a new 52-week high of $1.2654. This is the highest price for XRP since November 2021.
Based on the Fibonacci retracement levels, the upside price targets for XRP are $1.56 and $2.34. In case of a bullish failure, a potential retest of the 50% Fibonacci level at $0.9318 is possible.
Worried about XRP in the long run? Read Coinpedia’s Ripple (XRP) Price Prediction for 2024-2030 and subscribe to us for the latest crypto updates.
FAQs
XRP has broken out of a triangle pattern, gaining 78.74% last week, reclaiming the $1 psychological mark, and trading at $1.11.
Based on Fibonacci retracement, XRP is targeting $1.56 and $2.34, supported by a positive EMA alignment.
In case of a bearish reversal, XRP may retest the 50% Fibonacci level at $0.9318 for support.