XRP Price Prediction: Is the Price Strong Enough to Reach $1?

The XRP price is up 4% over the last 24 hours to trade at $0.5696 as of 2:00 a.m. EST on Feb. 16.

The international payments token is up 10% over the last week as traders expect the current upswing in Bitcoin's price will trigger bullishness in altcoins including XRP.

On Feb. 15, Bitcoin produced a daily candlestick close to $52,000, an area that has acted as a stiff resistance in the past. At the same time, the XRP price beached the resistance provided by all the major moving averages over the same period, signaling the beginning of a sustained upswing.

Can the bulls sustain the uptrend?

XRP could exploit a rounded bottom pattern to $0.65

XRP's price action has formed a rounded bottom chart pattern on the daily chart as shown below. This is a highly bullish chart pattern that projects the continuation of an uptrend.

At the time of writing, the XRP price was fighting resistance from the chart's neckline at $0.5767. A daily candlestick close above this level would confirm a bullish breakout from this chart formation with the next line of resistance arising from $0.62.

Clearing this barrier would set XRP on a clear path toward the technical target of the prevailing chart pattern at $0.6535. Such a move would represent a 14.75% uptick from the current price.

XRP/USD daily chart. Source: TradingView

XRP's upside potential is supported by the SuperTrend indicator which has just sent a buy signal on the daily chart as shown above. This happened during the early Asian trading hours on Friday when it flipped from red to greed and moved below the price, signaling the start of an uptrend.

Also supporting XRP's positive outlook was the fact that the token sat on strong support downward after flipping the moving averages to support. These are areas defined by the 50-day exponential moving average (EMA) at $0.5489, the 100-day EMA at $0.5637 and the 200-day EMa at $0.5669. These support areas could offer breathing zones for buyers in case of a sell-off.

On the downside, XRP could turd down from the current levels, revising the EMA described above toward the major support level at $0.52 ad later to the cup's bottom at $0.50.