Key Takeaways:
- XRP price rallied further above the $1.00 and $1.20 resistance levels.
- It broke a key bearish trend line with resistance at $0.550 on the weekly chart.
- The price is now facing a major hurdle near the $1.250 and $1.2650 levels.
XRP rallied above $1.00 and $1.20. The price is now consolidating gains above $1.00 and faces an uphill task near the $1.250 resistance.
XRP Price Reclaims $1.00
In the past XRP price prediction, we discussed a possible rally above the $1.00 resistance. The bulls did remain in control and pushed the price above the $1.00 resistance. There was a strong move above the $1.10 and $1.120 levels.
Earlier, the price broke a key bearish trend line with resistance at $0.550 on the weekly chart to set the tone for a fresh surge. It gained over 80% in the past few days, beating Bitcoin and Ethereum.
The price is now trading well above the $1.0 level, the 50-week simple moving average (blue), and the 1.236 Fib extension level of the downward move from the $0.9445 swing high to the $0.4201 low.
However, XRP is now facing a major hurdle near the $1.250 and $1.265 levels. It is a multi-touch zone representing the 1.618 Fib extension level of the downward move from the $0.9445 swing high to the $0.4201 low.
A close above the $1.2650 could set the stage for more upsides. The first major hurdle is $1.50. The next resistance is near the $1.6780 level. The main stop for the bulls could be $2.00 in the coming weeks.
Recently, Ripple announced that it will purchase sustainable aviation fuel certificates through its partner Watershed to compensate for business travel emissions.
Short-term Pullback?
Conversely, XRP price might fail to clear $1.250 and start a downside correction. Immediate support on the downside is near the $1.050 level. The next key support sits at $1.00, below which the price could drop and test the $0.940 pivot level.
If the bulls fail to protect the $0.940 support, the price might accelerate lower toward the $0.820 support zone. Any more losses might increase selling pressure and encourage the bears to move toward the 50-week simple moving average at $0.580.
Overall, XRP price is holding gains above the $1.00 resistance zone. However, the bulls must power it through the $1.250 resistance zone for further gains.
