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18 January 2021

XRP price: Will the Flare Network airdrop trigger a rally to $1.00?

XRP price: Will the Flare Network airdrop trigger a rally to $1.00?

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Is this recent move a classic example of "buy the rumor, sell the news" or should more upside be expected?

After that move, the price of XRP corrected to its previous resistance area at $0.22.

This correction marked a bullish support/resistance flip, after which the massive move towards $0.80 occurred, hitting as high as $0.90 on Coinbase last mo.

The price action of XRP often gives a signal prior to such vertical price movements, after which a more extended correction begins.

This chart gives a simple overview of the market's structure, showing that the recent pump made the first higher high after a multi-year bear market since early 2018.

If either of the two zones becomes a new support zone, the price of XRP will then be ready to set a new higher high in the next impulse move.

This higher high will then open the door for the price of XRP to reach $1.00 and possibly even $1.50 in the coming months.

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