Triangle Breakout Fuels XRP Price Run: $1.56 Target in Sight?

The post Triangle Breakout Fuels XRP Price Run: $1.56 Target in Sight? appeared first on Coinpedia Fintech News

With a massive bullish surge of 78.74% last week, the altcoin has reclaimed the $1 psychological mark. Before this, the XRP price shot up 17.24% in early November. 

As XRP stands at a crucial crossroads, will the uptrend reach the $1.56 mark? Let’s look at Coinpedia’s XRP techncial analysis, which is filled with technical insights and price targets.

XRP Price Tests 23.60% Fibonacci Level After Triangle Breakdown

In the weekly chart, the XRP price trend shows a triangle breakout rally gaining momentum. 

Tradingview

Currently, the XRP price is trading at $1.11, with a 5.37% gain this week. With the bullish recovery, the triangle breakout rally has surpassed the 61.80% Fibonacci level at $1.08.

Furthermore, the higher price selection in the two weekly candles faces opposition from the $1.29 or the 78.60% Fibonacci level. 

Technical Indicators:

EMA: The increased bullish influence has resulted in a positive crossover within the 50-week and 100-week EMA lines. Additionally, the uptick in the 50-week, 100-week, and 200-week EMA signals a healthy positive alignment. 

MACD: The MACD indicator shows a bullish crossover with a sharp surge in the MACD and signal lines.  

Will XRP Price Fall Under $0.50?

With the bullish recovery at play, XRP has now recorded a new 52-week high of $1.2654. This is the highest price for XRP since November 2021. 

Based on the Fibonacci retracement levels, the upside price targets for XRP are $1.56 and $2.34. In case of a bullish failure, a potential retest of the 50% Fibonacci level at $0.9318 is possible.

Worried about XRP in the long run? Read Coinpedia’s Ripple (XRP) Price Prediction for 2024-2030 and subscribe to us for the latest crypto updates.

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