XRP price began a decline after reaching the $1.40 level, entering a period of consolidation around $1.33. The cryptocurrency appears to be stabilizing, and if it maintains levels above $1.30, it could attempt another upward move in the near term.
Currently, the XRP is trading at $1.33, with a 24-hour trading volume of $3.33 billion, $81.89 billion in market capitalization, and a market dominance of 3.39%. Over the past 24 hours, the cryptocurrency lost 3.61% of its value.
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XRP Reveals Bullish Momentum After Falling Wedge Breakout
As per a recent post by Alpha Crypto Signal, the cryptocurrency made a clean breakaway from the falling wedge pattern, with the price breaking above the upper trend line, reclaiming its short-term moving averages, and retesting the breakout zone as support.
The retest of the breakout area resulted in a rise of XRP by 7.90%. Analysts are saying that the bullish formation will stay intact, provided that XRP can manage to stay above the breakout level. Observers are eagerly waiting for the next price action on this level.
Potential Drop Could Test $1.25 Zone
Previously, XRP rallied to levels beyond $1.350 and $1.355, and managed to gain enough momentum to test above the $1.365 resistance. High was created at $1.3963, and after that, the price pulled back lower to the point where it broke below the $1.365 and $1.350 regions. At present, it trades below $1.340 and below the 100-hour Simple Moving Average.
If the market turns upward again, XRP may face resistance near $1.345, with a stronger barrier at $1.355. A breakout of $1.355 would see the cryptocurrency testing the $1.365 level, and then $1.388, before reaching $1.40. The next target for bulls in this situation would be near $1.425.
However, should there not be another bounce and XRP fails to break above the $1.345 resistance level, the cryptocurrency could continue its downtrend. In this case, first support would be at $1.322, followed by $1.318, which is the 76.4% Fibonacci retracement level.
A close below the $1.318 region could see prices dipping toward the $1.311 level, then to $1.288, with the next important level at $1.268. Further down, a level at $1.25 could be tested.
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