XRP Price Prediction: Amid the broader market recovery, the XRP price continues its upward trajectory and has reached the current trading price of $0.53. Over the last four days, the coin has climbed from a low of $0.477, marking an 11% surge. However, the key resistance level at $0.55 looms ahead—a barrier that has stifled buyers’ attempts at a more significant recovery over the past couple of months. So, will this attempt to breach the $0.55 level be successful?
Also Read: John Deaton Weighs On US SEC’s Possible Appeal And Rationale In XRP Lawsuit
The short-term trend in the XRP coin price is sideways as the coin price has traded majorly between the $0.55 and $0.458 horizontal levels in the last two months. Despite showing significant price swings in the daily chart, the traders make no progress in either direction, indicating indecisive market sentiment.
Amid this sideways movement, XRP price has been grappling with two significant chart levels: the aforementioned $0.55 resistance and a longstanding support trendline. With today’s intraday gain of 1.845%, the coin price is inching closer to another test of the $0.55 barrier.
A successful breach here would provide a strong foundation for extending the current rally. However, traders should look for a daily candle close above this level before committing funds. Following a successful breakout, this altcoin could target the $0.60 level, accounting for a potential 16% gain.
Anyhow, on the downside, an ascending trendline is offering buyers strong support to accumulate in market dips and a safety net from a major downfall.
The long-term outlook for both XRP and Bitcoin remains bullish. While the Bitcoin price is making notable progress in October, the XRP is currently facing a scarcity of buying pressure, struggling to eclipse its recent swing high of $0.55. Therefore, a breakout above this resistance will be a better signal to initiate a sustainable recovery.
The Dogecoin price has recently shown renewed strength after a sustained period of consolidation. The…
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…