Here is the Technical DataHow realistic is the $ 1 target for XRP price?
The XRP price rose to $ 0.77 in 2020, the highest level seen since 2018. However, it is known that the main target of the investors is $ 1 at first and $ 3.30 after that. So, what kind of break does XRP technically need to reach the $ 3.30 level?
XRP Technical Analysis
The XRP / USD trading pair is trading in the $ 0.60 band as of the time of this writing and has been consolidating for almost weeks. Looking at the technical analysis of XRP price , it is seen that $ 0.61 corresponds to 50 SMA points on the 4-hour chart. So there is both a strong support and, if not broken, a strong resistance here.
XRP price must first break this point, the 50-day simple moving average. In the continuation of this, the first target will be $ 0.65. A daily or weekly closing above $ 0.65 may lead to a movement like the big rise that happened about 2 weeks ago. So the first resistance Ripple investors will see after $ 0.65 is known as $ 0.7 and $ 0.75.
What Will The Direction Of Ripple Price Be?
The relative strength index on the 4-hour chart shows that all sellers are now superior. So the sales pressure seems to be superior on the 4-hour chart. If this negative funding rate continues, consolidation and subsequent sharp decline can be seen.
The XRP / USD trading pair is likely to drop to 100 SMA points according to the Bollinger Band formation. This level corresponds to $ 0.57, and XRP had tested this point several times over the past week. If the price drops below this point with a sudden drop, the $ 0.45 path for XRP may appear. Although the 200-day simple moving average takes some of this selling pressure, the price decline will then accelerate.
XRP Maintains $ 1 Target
At the moment, XRP appears to be above $ 0.61. From here on, the price that XRP investors will pay attention to will be $ 0.65 to $ 0.71. Breaking both of these resistance points could push XRP to the $ 1 level unexpectedly. In the last days of the peak of XRP volatility, it is a must for investors not to open a transaction without entering a stop position.
While Ripple price has the potential to go to $ 1 in the long term, there is a chance that it will see $ 0.45 again in the short term.
