Ripple Surges Ahead to Target the $1.00 Psychological Level

Time Stamp: February 8, 2022 5:33 AM
Source Node: 1604353
Feb 08, 2022 at 10:33 // Price

Ripple is out of the downward correction

Ripple (XRP) is developing positively after the bulls broke through the resistance at $0.65. The bullish momentum is huge as it breaks above the moving averages.

Ripple is out of the downward correction and the sideways trend has ended. The cryptocurrency is trading at $0.89 at the time of writing. If the bulls break the crucial resistance at $1.00, XRP/USD will resume its upward momentum. XRP will regain the previous highs of $1.20 and $1.30. Conversely, the bears will try to push XRP to the breakout level of $0.65 if the altcoin breaks the resistance at $1.00 to the upside. In the meantime, the bullish momentum is likely to continue as XRP trades above the moving averages.

Ripple indicator analysis

Ripple has risen to level 74 on the Relative Strength Index for the 14 period. The cryptocurrency is critically in an overbought zone. There is a possibility that XRP will be rejected at the overriding resistance level of $1.00. The cryptocurrency price is above the moving averages that are driving the altcoin higher. Moreover, the XRP price has overcome the resistance line of the descending channel. This explains that the downtrend has ended.

XRPUSD(Daily+Chart)+-+FEB.+8.png

Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.80 and $0.60

What is the next move for Ripple?

XRP/USD has resumed a gentle uptrend. On February 4, the resistance at $0.65 was broken, ending the sideways trend. Today, the altcoin resumed its uptrend and initiated a new positive movement. However, the current bullish momentum has reached the overbought zone of the market. 

XRPUSD(4+Hour+Chart)+-+FEB.+8.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing 

Time Stamp:

More from Coinidol