After a bearish trend last week, cryptocurrencies are showing a slight comeback. Every time an asset reaches a critical support price area, a rebound is inevitable. For the case of XRP, prices shot around 8% and are currently aiming at the $0.80 price mark. Will XRP reach 1$ soon? Let’s find out what happened to Ripple and XRP price in this technical analysis article.
XRP Price up more than 8% – What happened?
The year 2022 started on a bad note for cryptocurrencies, including XRP. Its prices fell from a high price of $1.4 and reached the strong support area of $0.58. In figure 1, we can clearly see the downward parallel channel. Day traders love trading those channels, as they represent predictable patterns. They sell near the upper line band and buy near the lower band line.
After the strong rebound at $0.58, XRP price started to recover and is currently on an uptrend. Despite the macro bearish outlook, XRP is looking to break this downward trend. This can be achieved when prices break the $0.80 barrier in the short term.
XRP Price Prediction – Will XRP reach $1 soon?
It is very probable that XRP reaches $1 soon. For this to happen, many factors other than technical price-action should come into play. Firstly, the overall cryptocurrency market should show a positive outlook. Since Bitcoin is the dominant cryptocurrency, its price still affects most cryptos. Hence, a BTC price break above $50,000 would also send the entire crypto market upwards.
XRP reached $1 many times before, and this should be no problem. On the other hand, XRP is one of those altcoins that never reached its previous ATH from 2018 yet. The SEC lawsuit might have contributed to this, but there is currently positive news in that regard that Ripple company might settle with the SEC, or even not need to and simply win the lawsuit. This should definitely bring prices closer to the ATH price of $3.
