XRP to 1 dollar

Could XRP Reach $1 After Gaining 25% In One Week?

Watch this key support level

XRP price continued to rebound after dropping more than 70% in a correction between April 2021 and January 2022.

Why is the 50-week EMA for XRP/USD essential

On February 13, XRP/USD reached $0.916, above the 50-week exponential moving average (the 50-week exponential moving average; red wave) around $0.833. The bullish move, albeit inconclusive, opened up possibilities for further bullish momentum, mainly due to the historical buying sentiment around the mentioned wave.

For example, traders succeeded in retaking the 50-week moving average as support in the week ending July 27, 2020, after more than a year of turning the wave around as resistance. Subsequently, the price of XRP surged more than 820% to $1.98 in April 2021, its best level in more than three years.

Conversely, during the bearish cycles between 2018 and 2020, XRP’s 50-week EMA served as a strong resistance level on multiple occasions. This showed the wave's ability to withstand bullish recovery sentiment, such as the one we witnessed during the current price recovery.

Can XRP recover $1?

XRP now needs to decisively hold above the 50-week moving average, which could make it reclaim $1 in the coming sessions.

The level, which is about 25% above current price levels, coincides with XRP's two main resistance targets. The first is a multi-month descending sloping trendline that has been capping the bullish bias of the symbol since April 2021

Meanwhile, the second target is the 0.382 Fibonacci retracement line drawn between the $2.70 swing high and the $0.10 swing low, which also has a history of limiting XRP’s strong trends by acting as support and resistance.

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