Ripple price action uses the monthly pivot at $0.68 to continue the recovery after XRP bounced off critical support at $0.62. Bulls caught the falling knife action and, in the process, are looking at 10% gains this morning as the price action looks set to pop further upwards to $0.78, targeting another 12% gains in the process. 

XRP price is poised to close the week between 4% and 6% down from the open but still within the range of the prior week’s open. Ripple opened last week at $0.76, and it may close this week near $0.75 – a strong psychological level. All in all, relatively unchanged.

The path to bullish conditions and a bullish breakout remains challenging for XRP price. To confirm a bullish breakout within the Ichimoku system, bulls would need to push XRP to a close above all of these resistance levels:

The extended 2021 Volume Point Of Control at $1.05

If buyers can achieve a close above those four resistance levels, XRP has a vast open space to run higher. Downside risks should be limited to the 61.8% Fibonacci retracement near the psychologically important $0.50 level.

XRP bulls will look to take out the 55-day Simple Moving Average (SMA) at $0.73. Generally, in February, the 55-day SMA was a very supportive factor that has been turned into resistance since February 21 and could be vital going forward for bulls to look for more gains at $0.84 and $0.88. Bulls will be watching the price action like hawks going into the weekend, to book profit should market events ask for that.

XRP Bounced From $0.62 Crucial Support

Feb 26 2022