Following a sideways weekend, the XRP price stumbled on a critical resistance level, forcing the token to revisit support. The crypto market is following a similar trajectory on short timeframes, but an analyst believes the current price action could set the stage for a bigger rally.
As of this writing, the XRP price trades at $0.64 with a 3% loss during today’s trading session. In the previous week, the token recorded a 7% loss, operating as the work performer in the top 10 by market cap, followed by Cardano (ADA), which recorded a 4% profit over the same period.
XRP Meets Resistance But Prepares For Bigger Run To The Upside?
According to a pseudonym analyst, the XRP price met resistance at $0.664, which could trigger potential scenarios. On the positive side, the cryptocurrency is targeting a key level at $1, the analyst believes.
As seen in the chart below, XRP needs to clear the high of its current range at $0.73 before making a run to the upside. At around $1, the cryptocurrency would climb above the 0.8 Fibonacci Extension, a series of levels used to measure resistance and support.
In that sense, $0.9 is the most significant resistance for XRP and its potential bullish run. The trader believes the bullish momentum dissipated after a close below the 0.66 Fibonacci extension, which could push the token back to $0.61 or $0.58 if bulls failed to push back.
On the upcoming price trend for XRP, the analyst stated the following, favoring a sideways price action scenario:
The side move is continuing between $0.6649 & $0.6131, and the latter becomes important. We can touch here because we stayed below the target level. The target is still to hit $0.87 and $1.05 in the very short term, but the prerequisite is to stay above $0.6649.
When Will The XRP Price Hit $1?
Previously, the same analyst claimed that the resistance at $0.66 opens the door for a run at the $0.7 level, as mentioned. The analyst believes the token could break above these levels in the coming month.
XRP could hit $0.87 on November 19th if the bulls successfully attempted to breach this resistance. Corresponding with the Elliot Wave Theory, the analyst concluded:
XRP broke the 4-hour support of $0.6649 but is still strolling around it. The daily still has not broken yet. We call this C Wave Expanded C, and it’s completely technical. We wicked to $0.6287 yesterday & Fibonacci Support there is $0.6131. This correction is completely technical and routine. I trust $XRP to consolidate between $0.66 & $0.61 and continue to finalise the 5th Wave at $0.8737 very soon.
Cover image from Unsplash, chart from Tradingview