Analysis

XRP Reaches $1.19 and Records Multi-Month High – Targets $1.25

California, USA – XRP boosts by over 17% in the past 24 hours, and it continues to target the price of $1.25. The sudden increase let this cryptocurrency break out of its merging patter in the past few hours.

XRP recorded a multi-month high price after reaching $1.19. It recorded a 128% surge as per the governing chart pattern, and it’s the highest recorded since July 20. The tread retreats where the technical indicator recorded a top signal.

The price was breaking out as per whales. Despite the performance recently, dropping below $1, the price moved past $1 again in the recent 24 hours. The performance was a series of higher lows and lower highs, leading to the symmetrical triangle-formation on its 4-hour chart.

The platform Santiment showed how this digital asset had the necessary buying pressure to gain its upside possibility. According to the supply distribution, there are several addresses with over a million XRP tokens, and these increased by about 4.4%

XRP Reaches 1.19 and Records Multi Month High Targets 1.25
XRP price targets to go further to $1.25 after a 17%-boost

The number of investors supporting Ripple was insignificant at first, but after the whales recorded over $1.17 million, there was a sudden boost in buy orders. As long as the XRP price stays at the support level of $1.14, it will remain in its position. If the price cannot hold over the support level, it might push XRP to the next barrier, which is at $1.05.

This digital asset still has room to push forward to the price of $1.14 once it accomplishes the increasing parallel channel target. It might have its support at the Fibonacci extension level of 50% at $1.10 before it falls to the 38.20% level.  However, the selling pressure might pull the price lower to its mid-boundary, corresponding to the 200 12-hour SMA or Simple Moving Average price of $0.86. On the bright side, if the price met with the buying pressure’s spike, it might put the price target at $1.24.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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