Highlights
XRP Price Prediction: XRP, the sixth-largest cryptocurrency, picked up bullish momentum last weekend as the price rebounded from emerging support at the $0.528 mark. With the Bitcoin price hitting a high of $57000 after 2 years the recovery sentiment intensified across the altcoin market and surged the XRP price by 8% in the last 4 days. This asset approaching a key resistance trendline reflects the coin holders may soon witness a strong overhead supply.
Also Read: XRP Price Forecast: Can XRP Hit $1 Soon, With Recent Valour ETP Listing Boosting Market Confidence?
Throughout February, the XRP price witnessed a slow yet steady rally under the influence of a rising trendline. The dynamic support uplifted the altcoin from $0.485 to $0.575, registering 18.5% growth.
The recent upswing in XRP’s price was accompanied by a notable increase in its OI-Weighted Funding Rate, as reported by Coinglass, climbing from 0.01% to 0.0625%. This significant uptick reflects an increased readiness among traders to invest more in maintaining long positions in XRP, pointing towards a bullish outlook and anticipation of further price appreciation.
Currently trading at $0.577, the XRP price is likely to hit the downsloping resistance trendline which has been active for the past seven months. This dynamic resistance carries the midterm downtrend and may continue to invalidate the buyer’s attempt to maintain sustainable growth.
If the overhead supply persists, the XRP price may revert and signal the continuation of a sideways trend.
Also Read: XRP Vs. SEC: Ripple Faces New Class Action for Unregistered XRP Offerings
If the broader outlook remains, the XRP buyers will have an opportunity to breach the overhead trendline. A successful breakout above this barrier will accelerate the buying pressure in this asset and may propel altcoin 25% up to hit the psychological level of $0.75, followed by $0.93
Related Articles
Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…
BNB Coin price has entered a powerful phase after breaking through a major resistance level…
Aster price has recently shown strong signals on the chart, with a breakout from its…
XRP price could be on the cusp of a big move in the coming weeks…
Bitcoin price has recently surged to the $120K mark, reclaiming momentum and sparking fresh optimism…
Pi Network price has crashed by over 90% from its highest level since its mainnet…