Ripple Price Prediction: XRP eyes $2 if this crucial support remains unshaken

ripple
  • Ripple defends crucial technical support as bulls resume the uptrend above $1.4.
  • Price action remains lethargic, but buyers target sending XRP toward $2.

Ripple corrected from the recent yearly high at $1.5 but embraced $1.3. Holding onto this support played a key role in ensuring that XRP resumes the uptrend. Otherwise, the bearish outlook pointed toward a drop to $1.12 or $1. Meanwhile, the cross-border cryptocurrency must defend the critical short-term technical pattern to secure the uptrend toward $2.

Ripple bulls could emerge triumphant

Ripple dances within an ascending parallel pattern, as observed on the four-hour chart. The middle boundary layer provides immediate support. Holding above this vital anchor ensures that XRP remains in the upward trajectory.

The bulls appear to be facing resistance toward $2. The rebound from $1.3 failed to overcome the resistance at $1.8. A break past $1.5 will likely trigger massive buy orders toward $2 as speculation mounts within the XRP community.

XRP/USD four-hour chart

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XRP/USD price chart XRP/USD price chart by Tradingview

The least resistance path is undetermined at the time of writing. The Moving Average Convergence Divergence (MACD) indicator currently moves sideways within the positive region. The MACD line (blue) maintains the position marginally under the signal line. Crossing above the signal line would send a bullish signal as buyers stream in to take advantage of the breakout to $2.

It is worth mentioning that closing the day under the channel’s middle support is bound to trigger significant losses. Support at $1.2 may be tested, but if the price cracks the anchor at the channel’s lower edge, the gravitational force that comes into the picture may extend the bearish leg to $1.

Ripple intraday levels

Spot rate: $1.43

Trend: Sideways

Volatility: High

Support: $1.4 and $1.2

Resistance: $1.48 and $1.5

The post Ripple Price Prediction: XRP eyes $2 if this crucial support remains unshaken appeared first on Coingape.

Publication date: 
04/13/2021 - 06:41
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.