Key Takeaways:
XRP price is consolidating gains above the $1.250 support. A bullish flag seems to be forming with resistance at $1.4550 on the daily chart. The price could start a fresh bullish wave if it clears the $1.450 and $1.50 resistance levels.XRP is showing positive signs above $1.300 and $1.250. The price could restart its increase unless the bears push the price below $1.250.
XRP Price Dips To Support
In the last couple of analyses, we saw a major bullish wave in XRP price above the $1.00 level. The bulls were able to pump the price above the $1.250 and $1.50 resistance levels, beating Bitcoin and Ethereum. Finally, the price tested the $1.630 zone.
A high was formed at $1.6308 and the price is now correcting gains. There was a move below the $1.50 and $1.40 levels. The price dipped and tested the 50% Fib retracement level of the recent surge from the $1.0042 swing low to the $1.6308 high.
XRP price daily chart | Source: TradingView.comXRP price is now stable above the $1.30 support and trading well above the 50-day simple moving average (blue). It seems like there is a bullish flag forming with resistance at $1.4550 on the daily chart.
Immediate resistance sits near the $1.420 level. The first major resistance is near the flag zone at $1.450. To continue higher, the price must clear the $1.450 level. The next key barrier sits near the $1.50 level.
A convincing move and close above the $1.500 resistance zone could send the price toward the $1.6250 level. Any more gains might open the doors for a test of $1.680. The next major pivot zone is $1.750, above which the price could surge and test $2.00.
Recently, Ripple announced the first tokenized money market fund on the XRP Ledger in partnership with Archax (the first FCA regulated digital asset exchange) and abrdn.
More Downsides?
Conversely, XRP price might fail to clear the $1.450 resistance zone and react to the downside. Immediate support is near the $1.320 level. The first major support is $1.30.
A downside break below the $1.30 support might call for a drop toward the $1.2650 support. The main support sits at $1.250 and the 61.8% Fib retracement level of the recent surge from the $1.0042 swing low to the $1.6308 high.
A close below the $1.250 support could spark a sustained downward move. In the stated case, the price might decline and test the $1.00 support zone.
Overall, XRP price is consolidating above $1.30 and $1.250. To start a fresh surge, the price must settle above the $1.450 resistance in the coming days.
The post XRP Price Charts New Territory: Fresh Bullish Wave Incoming? appeared first on CoinChapter.
