As XRP Price Surges to $1.56, Bulls Target $2 as Next Milestone!
The post As XRP Price Surges to $1.56, Bulls Target $2 as Next Milestone! appeared first on Coinpedia Fintech News
As Bitcoin jumped 8% in the past 7 days to inch closer to the $100,000 milestone, the BTC dominance in the crypto market has now reached 58.45%. Amid this bullish scenario, the XRP price has crossed the $1.50 psychological mark.
For the past 7 days, it has increased by 60% and has reached a market cap of $88 billion. With just 4 billion short of surpassing Binance, XRP is gaining momentum. Will this bull run result in a new peak above the $2 mark? Let’s find out.
XRP Price Tests 23.60% Fibonacci Level After Triangle BreakdownIn the weekly chart, the XRP price trend shows three consecutive bullish candles. The ongoing candle shows a 47.72% surge following the 78.74% surge last week. This candle resulted in the breakout of the overhead resistance line and the 50% Fibonacci level at $0.9319.
XRP analysis 23rd Nov 2024
However, the bullish rally started with a 17% surge from the support trend line in early November. Currently, the bullish rally is testing the 100% Fibonacci level at $1.56179.
Furthermore, the XRP price action shows a rounding reversal and is ready to change the character. The neckline stands at the 100% Fibonacci level at $1.56179 and a weekly closing above this will mark a bullish continuation forward.
Technical Indicators:
EMA: The bull run has resulted in an uptick in the 50-week EMA and is ready to diverge from the 100-week EMA to regain its positive alignment.
MACD: Supporting the bullish trend, the resurfacing histograms propel the MACD and signal lines on the positive side.
Will XRP Price Hit $2?Using the Fibonacci levels, the next price targets are at $2.34 and $3.60. These price levels coincide with the 1.618 and 2.618 Fibonacci levels.
Conversely, a bullish failure to close above the $1.56 mark could result in a retest of the $1.29 level next week.
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FAQs Can XRP hit $2 in this bull run?Yes, XRP has strong bullish momentum. Breaking $1.56179 could push it to $2.34 and $3.60, aligning with key Fibonacci levels.
What is driving XRP’s rally?XRP’s surge is supported by a breakout above major resistance levels, EMA divergence, and positive MACD momentum, indicating strong buyer interest.
What happens if XRP fails to sustain above $1.56?A failure to close above $1.56179 could lead to a retest of $1.29, but the broader bullish trend would remain intact.