XRP Price Waves Pattern Hints A $1 Retest?

Making a new 52-week high, Ripple price has shown strong bullish price action in recent days. Notably, this altcoin has reached a new high of $0.7354, bringing its value closer to its target price of $1.

But with the recent price drop, is the XRP price preparing for a multi-level breakout? Or is this a sign of a bearish reversal? In this article we discovered the possibilities of this altcoin.

XRP Token Records New Yearly High!

With a ~2% jump in the last 24 hours, Ripple price has defied the market odds by registering bullish price action. However, the altcoin is down 9.74% in recent hours, highlighting an increase in price action.

On the plus side, this altcoin is up 24.14% over the past week and 22.36% over the past 30 days. With a market cap of $37.541 billion, it has regained the 7th position by surpassing “USDC”, which has a market cap of $36.508 billion.

Ripple technical sentiments

The EMA 50/200 day shows a Golden Cross in the 1D time frame. This shows that the altcoin can experience significant growth in the near future.

Furthermore, the RSI indicator continues to trade above the overbought range on the XRP price chart. This suggests an increase in buying-over-selling pressure for the altcoin in the crypto space.

Will XRP Price Test $0.75 Again This Week?

Maintaining the price above the USD 0.690 resistance level could lead Ripple price to retest its upper target price of USD 0.7450. Furthermore, if bullish sentiment continues, this altcoin could head towards its $0.80 resistance level this month.

On the contrary, if a bearish reversal occurs, the Ripple token could retest its USD 0.630 support level. Furthermore, if the bears continue to maintain their dominance, it could lead to the lower support level at USD 0.560 being tested.

If you plan to invest in this altcoin before it reaches the $1 mark, read our XRP price forecast to understand its long-term possibilities!

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