Home Crypto Will Ripple Break the USD 1.20 Resistance Level Soon?

Will Ripple Break the USD 1.20 Resistance Level Soon?

The Ripple chart is looking quite bullish today. This could mean that the XRP price will soon rise towards $1.20.

Looks like a major outbreak is coming

Ripple’s XRP token has been trading in a tight range of $1.12 – $1.19 for some time now. And often, when a token trades in such a tight price range for a long time, it means that a major breakout is coming soon. The total market cap hovers around $52.5 billion, placing the coin in 6th place.

On the 4-hour chart, we can see Ripple price preparing for a price hike after a retracement hits a higher local low overnight.

XRP 4-hour chart – Source: Tradingview

Ripple price has performed well so far this month. After rising sharply on October 1, the XRP price initially peaked around $1.10. After some consolidation, a new peak was observed on October 9, bringing Ripple price above $1.20. What followed was a retracement to the previous USD 1.10 resistance.

Since then, we have seen the XRP price stuck in a tight range between $1.12 and $1.19. We also see that the currency continues to set higher lows, which often means that a bullish breakout is imminent. $1.20 is then the first target. If this level is broken, a price of $1.23 and then $1.30 seems to be on the horizon.

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