Ripple Key Resistance Levels Technical Analysis: Can It Rise to $1?
BitVerge – The price of Ripple (XRP) is set to rise soon after its weak performance in recent weeks, especially with whales (major investors) resuming their purchases.
Ripple (XRP) price has dropped 2% in the past 24 hours, reaching $0.574 as the cryptocurrency market suffers a 3% loss today following a strong performance at the end of last week. The price of XRP , the seventh-largest cryptocurrency in the market, is still up 8% in a week, 1.5% in a month and 15% compared to this time last year.
While these numbers are not impressive, they put XRP on track for further gains in the coming months. Given the first of three expected rate cuts, its price may start to rise more steadily in the near future.
Technical Analysis of Key Resistance Levels: Can XRP Price Rally to $1?
XRP’s late-week rebound is accompanied by a rising resistance level (marked in red), which is bullish for a sustained price increase in the near to medium term. The resistance level, which the price failed to break last Saturday, is below $0.60 at the time of writing.
Source: TradingView
Despite the price failing to surpass the aforementioned target level, technical indicators for XRP suggest that it may now be set for further upside, with the Relative Strength Index (RSI, purple) rising from 25 early this morning to now above 45, indicating that it may continue its upward trend.
In the same vein, XRP price rose by 0.5% in the past hour, indicating that today looks positive for the currency, as its trading volume over the past 24 hours returned to $1 billion, up from $ 750 million recorded overnight as buyers sought to acquire it at a discounted price.
On the other hand, some whales have started moving some of their Ripple holdings to exchanges over the past 24 hours, while others have started accumulating them back into their wallets. Therefore, it seems that the price of XRP could see a significant increase in the near future, especially if the Federal Reserve cuts interest rates this week as expected. Speculation is rife that the Federal Reserve will cut interest rates by a larger percentage, perhaps by half a percentage point, this week, which could increase the optimism in the market.
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Accordingly, the price of XRP could rise to $0.60 by the end of the week before reaching $0.70 by November. In the long term, the prospects for XRP look very good, given Ripple’s ongoing efforts to enter into new partnerships and expand its international remittance business.
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