XRP establishing support at its 50-week EMA opens the door to $1.
On Feb. 13, XRP/USD reached as high as $0.916, above its 50-week exponential moving average around $0.833. The upside move, albeit not decisive, opened possibilities for further bullish momentum, mainly owing to a historical buying sentiment around the said wave.For instance, traders had successfully reclaimed the 50-week EMA as support in the week ending July 27, 2020, more than a year after flipping the wave as resistance.
The level, which sits around 25% above the current price levels, coincides with XRP's two key resistance targets. The first is theXRP/USD weekly price chart featuring upside target. Source: TradingView Still a lower high, the $1-level does not promise to take XRP out of its correction bias. Instead, it may bring opportunities for traders to secure their interim profits, thus exposing XRP to a pullback toward an imminent support target near $0.71, as per the Fibonacci retracement graph.Conversely, failure to obtain a decisive close above the 50-week EMA resistance could have XRP eye a pullback toward its 200-week EMA near $0.54.
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