XRP price has been at the centre of action for the past many months. Ripple (XRP) stole the limelight due to its legal battle with the US Securities and Exchange Commission (SEC) and a slight victory made everyone talking about its bullish potential. It has surged by almost 33% from $0.40 to $0.59 ever since its partial triumph over the SEC.
A number of crypto analysts predicted XRP price to explode after the SEC settlement. However, the Ripple price movement has stayed in a closed alley which prompted many crypto enthusiasts to doubt the analyst predictions.
What Makes Analysts Bullish About XRP Price?
Many seasoned crypto experts and analysts still believe that XRP price is moving through a decisive patch at the moment. They sighted XRP’s journey from $0.58 to $0.64 as the crucial path to unlock a major bull run in the coming days.
One of the key reasons behind the consistent optimism is XRP Price’s recent surge in buying activity and its rollercoaster ride towards the $0.6 threshold. However, Ripple has recently stayed in a narrow range from $0.54 to $0.59, thanks largely to speculations about the SEC filing an appeal and overall bearish activities in the crypto market.
XRP Price: Consolidation in Progress
Crypto analysts believe that the XRP price is currently in a consolidation phase within the crucial trajectory of $0.55-$0.64, which signals a very likely short-term continuation of this trend.
Ripple has created an ascending wedge pattern on the daily chart with larger highs and lows trajectories. Following the recent buying activity near the wedge’s lower boundary, which found support at $0.50, XRP price jumped to $0.6 per token. However, it hit snags at $0.6 and since then has shifted into a sideways consolidation momentum.
The crypto experts stated that $0.64 is the next resistance level for Ripple price whereas it can find support at $0.55. According to them, the next breakout from this range will result in clarity for Ripple’s future course of action for a medium-term. If XRP supporters continued the buying spree at $0.64 resistance level, it has the potential to unlock a significant shift towards a major bull run for the XRP price.
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In a short term, if XRP price manages to trade above $0.59 and the 100-hourly simple moving average, it will unlock the next short-term resistance at $0.595 level. The next big milestone for the XRP price is $0.60 and a clear move above this level may send it past $0.612 or $0.632 in the next few days.
What If All Goes Wrong?
In the wake of the recent range-bound activity in the XRP price, investors are vary of the likely downside potential. Analysts observed that if Ripple price fails to go beyond $0.595 resistance level, a bearish spell is the likely scenario. The next support levels would be available at $0.5865 and $0.5785.
If the XRP price continues the bearish spell, it might fall as low as to $0.5665 in the near term with the next support available at $0.55.
What Do Technical Indicators Say?
Analysts sound bullish about the XRP price in near and medium terms. However, it is always a better option to double-check predictions with technical indicators.
According to the hourly MACD, XRP/USD is gaining pace to form a bullish zone whereas the Hourly Relative Strength Index shows the XRP/USD beyond the 50 level.
The Final Word
Although nothing is the final word when it comes to cryptocurrency trading, it is imperative to conduct a thorough research before exposing your hard-earned money to the volatile waters of crypto seas. XRP price looks all primed to unlock major bullish zones if it breaks the $0.64 resistance level.
Analysts believe if Bitcoin continues its upsurge to the next all-time high, it would open floodgates of opportunities for altcoins, and XRP is no exception. Stay tuned to TheBITJournal for more updates about XRP price movements.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
