XRP Price Outlook: XRP/USD settles above $1.30.

Further gains for BTC above $51,000 could trigger XRP’s move to a new 4-month high.

XRP is trading around $1.32, up nearly 6% on the day, after a slight sell-off necessitated by traders taking profits across the market.

But like most of the top 10 crypto-currencies in terms of market cap, XRP’s price is holding above a critical support level that could serve as a springboard for further gains in the week.

For now, Bitcoin ‘s strong advance above $51,000 andEthereum ‘s flirtation with the $4,000 price level have boosted crypto market sentiment. The positive outlook could trigger an upward rebound in XRP’s price, which could mean a retest of the resistance area above $1.50.

XRP Price Analysis

The bullish outlook for XRP has been highlighted by top crypto analyst CrediBULL Crypto. The pseudonymous trader recently highlighted the breakout of XRP/USD above the $1.25 level as the move that helped the bullish move breakout above a major supply area. The rise also included a retest of the downtrend line to add to the potential reversal towards $1.50.

Another analyst, Ali Martinez, noted that the native Ripple token is poised for “another leg up” given the growth prospects of the crypto-currency’s network. According to the analyst, the potential for an upward trend is suggested by the network’s activity, which has spiked in recent weeks.

Notably, user adoption of XRP has continued despite the negative impact of the SEC’s lawsuit against Ripple Labs and the company’s top executives.

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Looking at the daily chart of XRP/USD, we observe that the 0.618 Fibonacci retracement level of the macro move from $1.99 to $0.48 is a key barrier around $1.41. If the bulls can break through this barrier, the next target will be the $1.50 mark, with further targets around the 0.786 Fib level currently located around $1.67. <img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/1630923186296-8ff2699b-2962-423d-8f38-8434855138d4..png” />

XRP/USD daily chart. Source: TradingView

On the downside, bears could be looking at a retest of the Fib 0.5 level ($1.24) and probably the Fib 0.382 level at $1.06.