Ripple Price Analysis : Here’s When XRP Price Can Surge Above $1

The post Ripple Price Analysis : Here’s When XRP Price Can Surge Above $1 appeared first on Coinpedia Fintech News

Popular analyst CoinsKid recently provided an update on XRP’s market performance and potential opportunities for investors. Despite initial expectations for a breakout around Christmas, XRP experienced a compression pattern, leading to a subsequent expansion.

CoinsKid highlighted the importance of the buyback zone, indicating that XRP tapped into this zone after breaking down from a compression pattern. While the expected explosive move to $1.31 has not materialized yet, CoinsKid reassured followers that XRP has not lost any key support for the envisioned significant upward move.

CoinsKid spoke about the importance of the 20-week Exponential Moving Average (EMA) as a critical level of support. The analysis suggested that XRP needs to reclaim this level to maintain a bullish stance. Conversely, a sustained break below the 20-week EMA could lead to a bearish scenario, prompting a closer look at potential macro corrections.

In terms of broader market factors, CoinsKid mentioned the approval of the Bitcoin ETF as a positive development and hinted at discussions around a potential XRP ETF, which could act as a significant catalyst for XRP’s future. CoinsKid presented a successful example with SD, a low-cap gem that saw substantial gains.

As for XRP’s current chart analysis, CoinsKid pointed out the ongoing compression, indicating that from left to right, XRP is still in a phase of consolidation. The analyst noted key levels of resistance and support, with a closing above $0.75 being a positive signal for a potential explosive move to the upside.

The analyst concluded by issuing a warning, advising everyone to observe the evolving patterns and wait for clear signals before making significant moves. The analyst highlighted the need for XRP to break above resistance or hold key support levels for a more conclusive market direction. At the time of writing, XRP is trading at $0.60 and is up by more than two percent.