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Ambition present as Ripple bulls aim for $0.42

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  • XRP price is in a consolidation phase after a 25% rise.
  • Ripple could rally toward $0.420 for a 10% gain.
  • The uptrend could become void if the $0.355 level were breached.

XRP price fluctuates around the $0.390 level after an applaudable first leg up. The consolidation is a tradeable opportunity toward the upside in the days to come.

XRP price aiming for $0.420

XRP price continues to show strength in the market. Last week, the digital remittance token rose by 12%, bringing the rally to a 25% gainer for January so far. Post-ascension, RIpple displayed positive bullish gestures, remaining elevated above the 8-day exponential moving average after a brief re-engagement and showing a tapered volume look during the consolidation. The technicals suggest more uptrend price action will occur in the coming days. 

XRP price currently auctions at $0.389. A Fibonacci retracement tool surrounding November’s swing high at $0.510 and November’s low at $0.321 shows the current rally as just a 50% correction of the bearish decline. The next bullish target zone would be the 61.8% Fib level at $0.427, resulting in a 10% spike from today’s auctioning price. 

Traders should be wary of the current trend and practice risk management accordingly. The Relative Strength Index, an indicator used to qualify market momentum, still shows the XRP price in an overall downtrend since November’s breach of the $0.300 barrier brought Ripple into oversold conditions. XRP price has not yet extended into overbought conditions during the recent surge and is at a critical resistance point in the market.

tm/xrp/1/17/22

XRP/USDT 1-day chart

Invalidation of the bullish trend could be a tag of the 21-day simple moving average at $0.355. A breach of the indicator could cause a sweep-the-lows event targeting $0.300, resulting in a 16% decline from the current XRP price.

 



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