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Highlights
- XRP price has consistently performed better than Bitcoin and Ethereum since July.
- On-chain data shows declining supply on exchanges and spike in stablecoins, which is a bullish outlook.
- Investors can expect Ripple to rally 25% to $0.716 on breakout of $0.626 hurdle.
Ripple (XRP) price continues to withstand selling pressure over the past few weeks, holding its ground. As a result, the remittance token has left the likes of Bitcoin (ETH) and Ethereum (ETH) in the dust. This development is likely to continue in the coming weeks due to Bitcoin bulls’ strength. Therefore, investors should expect the XRP price to trend higher on the daily time frame and catalyze a quick rally if it can overcome key levels.
XRP Price & News: Ripple Outshines Top Coins, Will Uptrend Continue?
- XRP price has rallied nearly 26% in the past seven weeks, while Bitcoin price is down -4.75%. Ethereum, on the other hand, has shed -24.37% in the same period and is the worst performer in the bunch. The bullish outlook for XRP results from the SEC vs. Ripple lawsuit victory in the defendant’s favor.
- While the above point is bullish, investors also need to consider that the stablecoin supply held on exchanges is climbing nonstop, according to Santiment data. This capital is likely to flow to the altcoins that have strong performance or show signs of potential reward. So, investors can expect XRP to be one of these cryptos.
Ripple Price Analysis: XRP Bulls Plan Their Next Move
XRP price recently bounced off the yearly Volume Weighted Average Price (VWAP) at $0.560, triggering a near-10% rally. But XRP, the remittance token, is still stuck between $0.556 and $0.626 daily resistance levels. Fortunately for Ripple bulls, the demand zone, extending from $0.550 to $0.584, is there to support any incoming pullbacks.
Under neutral-to-bullish market conditions, a retest of this demand area will most likely be met with a buying pressure spike that could provide Ripple price with the momentum to overcome the $0.626 hurdle. Flipping this key resistance level will open the path for Ripple bulls to catalyze a rally to $0.716. The retest of the $0.716 hurdle would signal a 25% rally for the remittance token.
This level has been a critical blockade since August 2023 and has resulted in three rejections. So, investors must be careful around $0.716 and consider booking profits.
On the other hand, if XRP price fails to overcome $0.626, it would signal a lack of buyer interest. Such a development could result in a retracement to $0.550 to $0.584 demand zone. A breakdown of this support area will invalidate the bullish thesis.
This development could induce a 9% crash in XRP price to the yearly VWAP’s lower band at $0.501.
Frequently Asked Questions (FAQs)
1. What is the current trend of XRP price compared to Bitcoin and Ethereum?
2. What is the key level that XRP price needs to overcome to catalyze a rally?
3. What is the potential downside risk if XRP price fails to overcome the key level?
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