Ripple (XRP) price locks in the modest gains on the weekend. XRP has taken a few steps back to gather the momentum for another leg up. It seems bulls are taking some breather before aiming higher. The price could take a leap of 35% from the current level.
- Ripple (XRP) manages to stay afloat on Saturday following three days of losses.
- The 50-day Simple Moving Average (SMA) offers immediate support.
- Resurgent of bullish sentiment could fuel the upside toward the $1.0 crucial level.
XRP set eyes on $1.0
On the daily chart, XRP price fell catastrophically after making the highs of $1.34. Sellers meet the demand zone around $0.77 level and bounce back to December 23 highs of $1.08. However, bulls fail to push the price higher as remains pressured below the 50-day Simple Moving Average (SMA) of $0.99.
The descending trend line from the mentioned high level acts as a strong barrier for the bulls resulting in another leg down in XRP. This time the selling pressure was more intensified as the price dropped 42%, testing the lows around $0.55 levels last seen in July.
As the price approached the crucial support zone sellers lost their patience and consolidates there. XRP finally broke the trading range on February 1. Renewed buying pressure sliced the bearish sloping line supported by above-average volumes.
XRP resurface to the multiple tops formation near the $0.89 levels and in an immediate reaction retrace toward the 50-day SMA, which acted as interim support for XRP.
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Furthermore, the formation of the bullish piercing pattern formed by the green candlestick on the daily chart suggests the current price action sets up the background to aim at $1.0 in the next attempt.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 55 with a bullish crossover.
MACD: The Moving Average Convergence Divergence (MACD) trades above the midline supporting the bullish thesis.
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