XRP Could Overcome FUD, Rise Above $1.00 Mark

Key Takeaways

  • XRP prices declined by approximately 45% during the most recent cryptocurrency market crash.
  • Despite the significant losses, XRP seems to be developing a reversal pattern that could see its price improve.
  • Indeed, a decisive close above the $0.66 resistance level could push this cryptocurrency towards $1.15.

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XRP is currently at risk of being deemed a security by the U.S. Securities and Exchange Commission. However, one of the most prominent technical analysts in the industry believes that it may provide an opportunity for speculators to profit. 

XRP Price Movement Ahead

According to 40-year trading veteran Peter Brandt, XRP seems to have developed an inverse head-and-shoulders pattern on its 12-hour chart. The cryptocurrency is currently forming the right shoulder of the bullish formation but has the potential to break out, as this is one of the most reliable trend reversal patterns. 

Although Brandt said that he does not trade OTC securities, he emphasized that XRP “would be of interest” if he did invest.

A bullish impulse that allows XRP to close above the pattern’s neckline at $0.66 could lead to a 74% upswing.

XRP could then rise to a new yearly high of $1.15 based on the inverse head-and-shoulders pattern. This optimistic target is determined by measuring the distance between the head and the neckline and adding it upwards from the breakout point.  

XRP US dollar price chart
XRP/USD by TradingView

XRP Must Close Above $0.66

It is worth noting XRP must close decisively above the $0.66 barrier to validate the bullish outlook. If this were to happen, the Fibonacci retracement indicator suggests that XRP would face significant resistance on its way up. 

The $0.78 and $0.95 levels will be the most considerable areas of interest that XRP will have to slice through to meet the head-and-shoulders pattern’s target of $1.15. 

XRP US dollar price chart
XRP/USD by TradingView

Traders must wait for a 12-hour candlestick close above the overhead resistance at $0.66 for the…

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