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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 20, 2024 12:53 UTC
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Triangle Breakout Fuels XRP Price Run: $1.56 Target in Sight?
XRP recorded a 78.74% surge last week, reclaiming $1 and challenging resistance at $1.29 (78.60% Fibonacci level).
Positive alignment across 50-week, 100-week, and 200-week EMAs supports the continuation of the bullish trend.
Upside targets are $1.56 and $2.34, while downside risks may lead to a retest of $0.9318 (50% Fibonacci level).
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.
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.
FAQs
XRP has broken out of a triangle pattern, gaining 78.74% last week, reclaiming the $1 psychological mark, and trading at $1.11.
Based on Fibonacci retracement, XRP is targeting $1.56 and $2.34, supported by a positive EMA alignment.
In case of a bearish reversal, XRP may retest the 50% Fibonacci level at $0.9318 for support.
Yes 
No 
