XRP could continue its uptrend towards new all-time highs after breaking the $ 1.17 resistance barrier.
The sixth largest cryptocurrency by market capitalization rose 230% in late March, marking the breakout of a consolidation pattern. After that, XRP turned to the head-and-shoulders cutout at $ 0.61 to eliminate some “weak hands”.
The price has bounced back above the psychological $ 1 mark since July 20, where the asset is currently consolidating.
The Fib retracement indicator, measured from the April 14 high at $ 1.96 to the June 22 low at $ 0.51, shows that XRP is currently stuck in a tight range. The 61.8% fib retracement level at $ 1.17 acts as resistance while the 50% fib retracement level at $ 1 supports the price after a sharp drop.
A weekly candle closing well above this resistance could signal an extension of the uptrend. In such exceptional circumstances, XRP could enter a new uptrend to hit the head-and-shoulders target of $ 3.42.
Given the growing number of active addresses on the network, the bullish argument is correct. About 6,700 addresses are interacting with the network, 394% more than last week.
An increase in the number of active wallets tends to lead to a price increase. However, it is imperative to wait for a persistent candlestick bar to close outside the $ 1.72-1.00 price range to determine the next position from XRP.
A break above the resistance could push this token to an all-time high, while the loss of the underlying support barrier could result in a correction down to $ 0.85 or even $ 0.70.
You can see the XRP price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to crypto briefing