Over the past 2 days, Ripple’s XRP token has been experiencing a period of high volatility as FOMO appears to have impacted the entire cryptocurrency market. The price of XRP jumped more than 50% from $ 0.44 to a high of $ 0.66.
Early in the morning today, the price of XRP fell to an intraday low of $ 0.54017 before moving into action. As the selling pressure eased, bearish activity began to decrease XRP steadily climbed back to the $ 0.6 level.
XRP technical analysis
At press time, the third largest cryptocurrency is trading at $ 0.592195 with a gain of 5.67%. Altcoin has a 24-hour trading volume of $ 19,251,154,516.
Ripple’s XRP will need to go through the pivot level of $ 0.5926 to bring into play the first major resistance level at $ 0.6449.
In the event of a prolonged rally, Ripple’s XRP could test resistance at $ 0.70. The second major resistance is at $ 0.7114. Failure to break through the pivot of $ 0.5926 would bring into play the first major support level at $ 0.5261.
Although XRP appears to rise to higher highs, it may be tied to a short-term retracement before rising to new annual highs. Decent buying pressure can trigger a rally towards $ 0.88 before the ultimate push to $ 1.00.
Will the price of XRP hit $ 0.65 this weekend?
The RSI is slowly climbing towards the upper limit of the RSI. Observation of the RSI indicator at the end of November showed how far the price of XRP can go up before the selling pressure overwhelms the bulls. If this pattern is to repeat itself historically, we should see the price of XRP climb well beyond $ 0.65 in the coming week.
On the other hand, the historical chart for 2018 clearly shows that the price of XRP has reached highs of nearly $ 4 per token. The same pattern was observed in mid-2017 and now. So, climb back to $ 0.65 expected by the weekend.
Also Read: Ripple Price Analysis: Is XRP Price Ahead Of A ‘2017’ Bull Run?
Analysts Predict XRP To Hit $ 1
The popular trader and analyst with the Twitter handle MagicPoopCannon is targeting $ 0.90 for the XRP price. If the crypto market and Bitcoin bullish rally continue to rise, the analyst’s forecast is much higher. According to the analyst, the price of XRP could soon reach $ 1.