As XRP Price Surges to $1.56, Bulls Target $2 as Next Milestone!

Published by

Sohrab Khawas

November 23, 2024

As Bitcoin jumped 8% in the past 7 days to inch closer to the $100,000 milestone, the BTC dominance in the crypto market has now reached 58.45%. Amid this bullish scenario, the XRP price has crossed the $1.50 psychological mark.

For the past 7 days, it has increased by 60% and has reached a market cap of $88 billion. With just 4 billion short of surpassing Binance, XRP is gaining momentum. Will this bull run result in a new peak above the $2 mark? Let’s find out.

XRP Price Tests 23.60% Fibonacci Level After Triangle Breakdown

In the weekly chart, the XRP price trend shows three consecutive bullish candles. The ongoing candle shows a 47.72% surge following the 78.74% surge last week. This candle resulted in the breakout of the overhead resistance line and the 50% Fibonacci level at $0.9319.

However, the bullish rally started with a 17% surge from the support trend line in early November. Currently, the bullish rally is testing the 100% Fibonacci level at $1.56179.

Furthermore, the XRP price action shows a rounding reversal and is ready to change the character. The neckline stands at the 100% Fibonacci level at $1.56179 and a weekly closing above this will mark a bullish continuation forward.

Technical Indicators:

EMA: The bull run has resulted in an uptick in the 50-week EMA and is ready to diverge from the 100-week EMA to regain its positive alignment.

MACD: Supporting the bullish trend, the resurfacing histograms propel the MACD and signal lines on the positive side.

Will XRP Price Hit $2?

Using the Fibonacci levels, the next price targets are at $2.34 and $3.60. These price levels coincide with the 1.618 and 2.618 Fibonacci levels.

Conversely, a bullish failure to close above the $1.56 mark could result in a retest of the $1.29 level next week.

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

FAQs

Can XRP hit $2 in this bull run?

Yes, XRP has strong bullish momentum. Breaking $1.56179 could push it to $2.34 and $3.60, aligning with key Fibonacci levels.

What is driving XRP’s rally?

XRP’s surge is supported by a breakout above major resistance levels, EMA divergence, and positive MACD momentum, indicating strong buyer interest.

What happens if XRP fails to sustain above $1.56?

A failure to close above $1.56179 could lead to a retest of $1.29, but the broader bullish trend would remain intact.

Sohrab Khawas

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.