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XRP Price Analysis: Is XRP Price Eyeing to hit $1.2 This Week With 14% upswing?

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Over the last 24 hours, the overall cryptocurrency market traded in the green. The flagship currency, Bitcoin, is up by 1.85%, while Ethereum has gained 0.31%. Cardano price is still consolidating within $2.5. SHIB Price is the best performer, with more than 50% gain. 

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Ripple’s XRP is also well set up after months of bearish pressure owing to the ongoing lawsuit. Many anticipate that a Ripple win will be monumental and will lead the asset to explode. Over the week, the $1.05 support was retested twice, with clear rejection for further downside each time. From there, XRP/USD was consolidating within the $1.05-$1.15 level.

Also Read : Ripple VS SEC, Will The Holders Suffer As The XRP Price Rally Could Miss The Bull Run

XRP Price Analysis 

XRP tested the major support level at $1.05 with no clear higher highs yet, indicating a continuation for the consolidation. As per the 4-hour chart, After retesting the $1.07 support, the XRP/USD price attempts to rally higher once again. At press time XRP price is trading below the support level at $1.08. It seems that the altcoin price is recovering and a breakout is on the horizon. 

At present, the cryptocurrency should break the $1.0731 pivot to bring the first major resistance level at $1.0942 into play. On successfully crossing the resistance level then XRP might retest the second resistance at $1.10294 which can further rally to hit $1.15 before any pullback. However, Price action near $1.17 remains critical and if the bulls persist, the XRP/USD pair may then be directed towards the $1.21 high ahead of the $1.41 barrier.

On the flip side, if the altcoin fails to break the $1.0942 level the price might drop to $1.0659 and the first major support level at $1.0433 comes into play. Barring extending selling pressure, it could plunge towards the second major support level at $1.0223 should limit the downside.

Will XRP Price Hit $1.2?

If the XRP price rebounds off the current level, the bulls will again try to push the price above the 20-day EMA. If they succeed, it will suggest that the correction could be over. The pair may then start its northward march toward $1.35. 

Overall, the next 24 hours seem bullish, as support was found above $1.05. As a result, we anticipate XRP/USD to continue upward later today and aim for the $1.20 major resistance.

XRP Price Hit
Trading view 

Technically, the price of Ripple is still in the range created by the resistance and support area marked on the chart. Although we give a higher probability for a breakout to the upside for this crypto, a retest of the support area before the upside is something that has a good chance of happening.

Also Read: Is Ripple vs SEC nearing a conclusion? XRP Price Seems to be Under Pressure!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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