June 12, 2024

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Ripple (XRP) Shows Itself As Crypto Powerhouse; Will Price Reach $1?

2 min read
Ripple (XRP) Shows Itself As Crypto Powerhouse; Will Price Reach ?
  • XRP price shows the market how to run the show as the price remains bullish with good volume and strength.
  • XRP trades above support as the price aims to continue its trend movement as the price keeps holding above 8 and 20-day EMA.
  • The price of XRP eyes a rally to $1 as key resistance was flipped into support with more buy orders. 

The price of Ripple (XRP) has continued to show its strength as price trends with a key breakout from a downtrend range against tether (USDT). With the crypto market cap bouncing from its weekly low as the market continued to look promising, the price of Ripple (XRP) was not left out as the price broke out of its long-range with price trending to a higher height with eyes set for a possible $1 target. (Data from Binance)

Ripple (XRP) Price Analysis On The Weekly Chart

The crypto market received relief, as most crypto altcoins expected. However, despite the recent price surge in most crypto assets, some altcoins have remained range-bound.

One project that has kept its price moving up on steady over the past few days has been XRP. After the announcement of the court order ruling in favor of Ripple (XRP) winning, the case has been received very well by XRP, a price trend week in and week out as price eyes $1.

The price of XRP saw its price rejected to a weekly low of $0.3 with the court order coming at the right time; the price rose from that low to a height of $0.53, creating a more bullish scenario. If XRP maintains its bullish structure with a strong volume, we could see a price rally to $1.

Weekly resistance for the price of XRP – $0.6-$0.8.

Weekly support for the price of XRP – $0.3.

Price Analysis Of XRP On The Daily (1D) Chart

On the daily timeframe, the price of XRP continues to show strength as it pulls some gains despite the market appearing to have stalled in price movement; after hitting a daily low of $0.44, the price of XRP rallied to a high of $0.5 before being rejected into an ascending triangle as it struggled to break out with price breaking out and looking more bullish for a rally.

The price of XRP breaking out signals more bullish trends to a high of $0.6 and a possible rally to $1. The price of XRP holding 8 and 20-day Exponential Moving Average (EMA) is a good sign for price growth. 

The prices at $0.50 and $0.4 correspond to the 8 and 20-day EMA values. 

The Relative Strength Index (RSI) for XRP shows increasing buy orders as the value is above the 50 mark area daily.

Daily resistance for the XRP price – $0.6-$0.8.

Daily support for the XRP price – $0.45.

Featured Image From Finbold, Charts From Tradingview