Will XRP Price Hit $1 Next Month, for a 65% Surge?
The post Will XRP Price Hit $1 Next Month, for a 65% Surge? appeared first on Coinpedia Fintech News
In the recent crypto market crash, the top altcoins registered a massive intraday drop, signaling a FUD run. However, the XRP price showed a significantly lesser drop and a lower price rejection, hinting the altcoin is ready for a bounceback.
Will the XRP price remain unaffected by the broader market sellout and heat to the $1 psychological mark? So, let’s take a closer look at the technical chart and figure out the chances of the XRP price hitting $1.
Wedge Breakout Run For XRP Continues To Struggle
The daily chart of XRP shows a strong recovery rally in motion. Over the past 24 hours, XRP has surged by 7.14%, including an intraday gain of 2%, following a 6.29% increase last night. This creates two consecutive bullish candles, completing a rounding-bottom reversal from the 50% Fibonacci level and 50D EMA at $0.54998.
The trendline breakout in XRP marks the beginning of an uptrend and establishes a support trendline. In the short term, the XRP price action forms an inverted head-and-shoulder pattern, with the neckline coinciding with the 78.60% Fibonacci level at $0.64321.
The likelihood of a bullish breakout increases as the recovery nears this neckline.
The golden crossover of the 50-day and 200-day EMAs further strengthens the bullish trend, supporting this potential breakout. Additionally, the MACD indicator shows a positive crossover, indicating increasing bullish momentum.
XRP Derivatives Boost Up
With the bullish trend going supersonic, the derivative market of XRP strengthens. The XRP derivatives data analysis by Coinglass shows that volume and open interest are skyrocketing by 136% and 10.78%, respectively.
Furthermore, the confidence in top traders on Binance is increasing, as is evident by the XRP/USDT pair analysis. Based on accounts, the long/short ratio is at 1.264 and 1.5201 based on positions.
Hence, the bulls are starting to dominate the XRP price in the derivative market.
Will XRP Price Experience a Breakout Run?
A breakout above the 78.60% Fibonacci level would open the door for a new 52-week high, potentially surpassing $0.72 and targeting the psychological $1 mark at the 1.618% Fibonacci level.
However, if XRP faces a reversal from the neckline, it will likely test the newly formed support trendline. In the event of a bearish breakdown, the next key support level stands at $0.54, or the 50% Fibonacci level.
