- XRP will encounter several hurdles before returning to $1.02.
- Overcoming these stiff obstacles could trigger a 31% upside move for the remittance token.
- A surge in selling momentum might see bears eyeing the 200 3-day Simple Moving Average at $0.67.
Ripple (XRP) has had its momentum switching downward after registering its swing peak on 9 February at $0.91. The cross-border transactions coin might be searching for crucial support zones before targeting upside areas. Nevertheless, XRP will meet several challenges before returning to $1.02.
Ripple Price Contemplates a Move to $1.02
Ripple price printed a symmetrical triangle formation on the three-day chart, indicating a potential consolidation and sideways action within the upcoming sessions. The alt drops lower in search of a vital support level to back its next leg up. Ripple’s token started plummeting after the momentum shift.
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Bullish sentiment resurgence will see Ripple price aiming the primary technical pattern’s upper boundary at $1.02, matching the 61.8% FIB retracement mark. Nevertheless, obstacles might emerge before the coin attain the mentioned optimistic goal.
The first resistance line may appear around the 38.2% FIB retracement zone around $0.82, then near 50 3-day SMA at $0.92, the level intersecting with the 50% retracement region. More buying strength will push the alternative coin higher. However, the hurdle at 100 3-day Simple Moving Average at $0.95 might confront XRP before hitting the optimistic target of $1.02.
Nevertheless, a surge in sell order will see the coin securing nearest support at 21 3-day Simple Moving Average at $0.76. An additional defense line stands around the 23.6% FIB retracement at $0.70, then near 200 3-day Simple Moving Average at $0.67.
Amplified bearish momentum may witness XRP price declining towards Momentum Reversal Indicator’s support line at $0.59. Losing grounds here will see the token plunging to the prevailing chart’s lower limit at $0.55.
Ripple’s downtrends mimic the broad market sentiment. Cryptocurrencies plunged within the past day following remarkable surges that had assets on the monthly highs. While publishing this blog, the global crypto market capitalization stood 4% lower at $1.89 trillion. XRP would require improved sentiment in the overall market to overpower its obstacles for new highs.
