XRP Price Forecast: Ripple Rebound From $1.1 Could Spark 16% rally To $1.4
- Ripple gains traction after recoiling from short-term support at $1.1.
- The SuperTrend indicator and the MACD flip bullish strengthening the bid to $1.4.
Ripple is back in the green after a couple of days, where bears trimmed gains from $1.35 to nearly $1. The correction was not unique to the cross-border money transfer token because Bitcoin dived to $44,000 while Ethereum momentarily slipped below $3,000.
XRP Renews Recovery Bid
The international money transfer token is seen trading at $1.22 at the beginning of the European session on Friday. Support at $1.1 called off the potential drop under $1. Bulls regained control, shifting their attention to $1.4.
According to the four-hour chart, the Moving Average Convergence Divergence (MACD) adds credence to the bullish outlook. This follows a recently presented buy signal when the 12-day Exponential Moving Average (EMA) crossed below the 26-day EMA. As the MACD settles above the mean line, the odds for a strong uptrend tend to increase.
Meanwhile, bulls have a task to keep the price above $1.2 in the current and upcoming sessions. With robust support in place, buyers will only have the recovery mission to worry about. Moreover, investor interest will likely go up amid speculation for gains above $1.4.
XRP/USD Four-Hour Chart
Meanwhile, a buy signal from the SuperTrend indicator on the daily chart hints at Ripple’s uptrend remaining intact for the long run. The call to buy XRP appeared on July 28, after the index closed the day below the price.
Note that the SuperTrend tracks the trend of an asset like a moving average; however, it utilizes the average true range (ATR) in its calculations, thus gauging the volatility. As long as the buy signal remains in place, Ripple will keep fighting to stretch the bullish leg further.
The MACD in the daily timeframe spots a bullish impulse, adding credence to the optimistic outlook. However, the bulls need to close the day above the immediate 50% Fibonacci retracement level, of the last swing high at $1.97 and a swing low of $0.51.
Trading above this level will enhance the bullish grip on the price and bolster Ripple to $1.4, a barrier highlighted by the 61.8% Fibonacci level.
XRP/USD Daily Chart
On the downside, overhead pressure will surge if Ripple fails to close the day above the 50% Fibo. Although investors are hopeful for a continued leg up to $1.4 and later to $2, they will not hesitate to profit amid vivid exhaustion from the bulls. The support at $1.1 and $1 will keep XRP afloat unless selling pressure soars to $0.9.