XRP Price Prediction: Ripple bulls at inflection point
|- XRP price broke out of a bull pennant on April 10, targeting $1.58
- If the buying pressure persists, Ripple might surge another 16% to $1.68.
- The MRI shows the formation of a cycle top on the 12-hour chart, suggesting a move lower.
XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction.
XRP price remains indecisive
XRP price spiked 100% from April 4 to April 6, creating a flag pole. The consolidation in the form of a pennant that ensued after the initial leg up created a bull flag pattern.
The technical formation forecasts a 50% upswing, determined by measuring the flag pole’s height and adding it to the breakout point. This consolidation saw a breakout on April 10 at $1.05, which signaled the start of a new uptrend to $1.58.
Since breaking out of the pennant, XRP price has surged nearly 42% to $1.50 but failed to hit its target at $1.58. If the remittances token manages to muster up bullish momentum, it might head toward the immediate supply barrier at $1.68, created by the Momentum Reversal Indicator’s (MRI) breakout line.
XRP/USDT 4-hour, 12-hour chart
The bullish momentum that more than tripled XRP price seems to have disappeared, resulting in consolidation. Additionally, the MRI has printed a cycle top in the form of a red 'one' candlestick on the 12-hour chart, forecasting a one-to-four candlestick correction.
Hence, a potential spike in selling pressure might push XRP price toward the 78.6% Fibonacci retracement level at $1.16. This move would indicate a 19% downswing.
If the said barrier fails to absorb the bearish momentum, the Ripple price could be in for a 13% correction toward the MRI’s State Trend Support at $1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.