Popular crypto currency XRP, which managed to establish a large bullish pattern on the weekly chart. The priceless price expectation for Ripple stands out as $ 4. However, the call of experts to investors is that the resulting technical model is still under construction.
XRP Price Draws an Upward Pattern
One of the most popular cryptocurrencies is XRP, forming a significant bullish pattern on the weekly chart. Expert analysts believe that a critical close above $ 1.95 holds enormous potential. If the XRP price follows the specified uptrend pattern, the formation expects an increase of 3.85% to the level of 94 dollars.
That being said XRP, the prevailing technique may encounter a large resistance point before reaching the neckline of the model. The first hurdle for Ripple will be the high of $ 1.39 on September 6. Then the critical points waiting in line appear to be the peak of May 17 at $ 1.71.
Of great importance is the resistance line obtained by MRI. The decisive close at $ 1.95, which is the top trend line of the chart model, can trigger an explosive rise that extends to $ 3.85. Since the month of April Ripple, offering the appearance of an approach to a critical trend line.
Levels To Consider
o The bullish outlook will be confirmed if it signs a sequence above the $1.23 resistance line, which corresponds to a 50% retracement level. On the other hand, in case of a pressure on the sales side XRP its price can find support at the points of $ 1.15 at the 21 SMA level and $ 1.10 at the 100 SMA.
In addition, the 38.2% fibo retracement level may appear as an additional basis in a technical merger at the october of 1.06, where the support line given by MRI and the rising support trend line meet. Bulls should activate the emergency button in case of a price movement hanging below the specified support, otherwise the bullish outlook will be invalidated.