XRP Price Prediction: Bulls target extension above $1

Saif Naqvi
Source: Pixabay

XRP registered its largest daily candle in 10 months yesterday as the market responded to the latest development in the Ripple V U.S. SEC lawsuit. Court documents showed that Judge Analisa Torres permitted Ripple to respond to the SEC’s motion to strike Ripple’s fair notice defense. The buying frenzy has continued for a fifth straight day, with XRP amassing a 55% hike amidst a risk-on broader market and bullish crowd sentiment.

Nevertheless, a sell-off was expected once the price tags its daily 200-SMA, close to $0.95. At the time of writing, XRP traded at $0.89, up by 18% over the last 24 hours.

XRP Daily Time Frame

Source: TradingView

XRP’s fervent rally is closing in on the daily 200-SMA (green) and awaits an important breakout to extend to the $1-mark. The long-term MA clashed with the weekly 50 and 20 SMA’s (not shown), making the region between $0.92-$0.95 a lucrative take-profit for short-term investors.

An extension above the 50% Fibonacci level would set the alt on course to $1, with 10 November’s swing high of $1.35 the next logical target. Furthermore, XRP’s social appeal was the highest amongst the top 10 coins by market cap. As per LunarCrush, XRP’s weekly social dominance was up by 125%, while social volumes sat at a positive 28%. Social dominance increases when users mention a digital asset on social media.

However, before the asset could note an additional 50% climb, a correctional phase was in the picture. The daily RSI was hovering above 75 – a sign that the digital asset was trading above its perceived intrinsic value.

A rejection above the daily 200-SMA (green) would invoke a bullish response between $0.85-$0.73. A new higher low would allow XRP to make hay within an uptrend. However, the bias would quickly fade if XRP slips below the 23.6% Fibonacci. In such a case, bulls would look to find relief between $0.58-$0.68.


A close above the 61.8% Fibonacci could see XRP’s value extend to $1.35 over the coming weeks. However, a correction was expected before the anticipated climb and the same could come as soon as XRP tags the $0.95-mark.