Briefly –
- XRP seems ready for an 18% bounce after the asset consolidated for more than one week.
- The alt failed to sustain the 12% rally of 29 September, but XRP bulls appear not done.
- Meanwhile, the coin requires a daily close beyond $0.95 for XRP to rise to its target at $1.11.
XRP has its price slicing past a crucial resistance, awaiting an 18% upswing. However, the alternative token has to close over $0.95 to sustain its bullish strength. Only by that will the crypto surge to explore price levels at $1.11.
Ripple Bulls Awaiting Confirmation
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XRP price quietly busted past the top border of the symmetric triangle formation on the 12hr price chart. The prevailing chart indicated indecisiveness by Ripple Investors. Meanwhile, the crypto increased its probability of hitting its 18% uptrend target after slicing past the resistance zone at $0.95.
On 29 September, the cross-border transaction coin rallied by 12%. However, bears emerged, taking the crypto lower as XRP closed under the upper trend-line of the primary technical pattern. For now, buyers experience a brief battle at $0.95 as they press for bullish dominance. Bulls have to step up with heightened actions to overpower this region. For now, bears might continue to dominate Ripple’s network until the token slashes past this resistance.
Meanwhile, a daily price close beyond $0.95 might catalyze bullish actions to take XRP higher. The token will meet its next challenge at the 27.2% FIB retracement zone at $1.01. If it secures a foothold past this area, Ripple will encounter obstacles at the 50 twelve-Hr SMA.
An additional barrier might emerge near the 38.2% FIB retracement zone at $1.07 before XRP can tag the optimistic target of $1.11, coinciding with the 100 12-hour Simple Moving Average. Magnified bullish moves might see Ripple touching the 50% FIB retracement level, where its 9 September peak sits.
However, market players should beware that Ripple faces a slightly heightened selling momentum. That might hinder the alt’s possible rally. Moreover, TRIN indicates sell orders dominating buy orders. If the upside moves retreats, XRP might secure the closest support around the triangle’s plunging trend-line at $0.88, matching with the 200 12hr SMA.
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