With the increased bullish action in the cryptocurrency market, Ripple price has successfully regained momentum after neutral price action over the past 2 weeks. Moreover, it has broken its crucial resistance trendline after multiple failed attention sessions in the past three months.
However, marketers are concerned about the future price prospects of the seventh largest cryptocurrency as it has a volatile price history. In this article, we have uncovered the in-depth market sentiments, price analysis and possible price action of the Ripple (XRP) crypto token.
Ripple Price Records a Breakout Rally?
Amid increased price volatility, the XRP crypto token is up ~5% over the past day with a trading volume of $2.039 billion, a change of +66.26%. Furthermore, the country added 8.08% in the past month, recouping all the losses it incurred between April and July.
Moreover, with the recent price pump, it has broken its resistance trendline of the channel pattern in the 1D timeframe. Notably, with a trading price of $0.62 and a market cap of $35.13 billion, it would require a jump of less than 2% to claim the position of the sixth largest cryptocurrency.
The 50-day EMA continuously supports the Ripple price chart in the 1D time frame. This highlights a strong bullish sentiment for the altcoin in the crypto market.
Furthermore, the RSI indicator has registered a sharp increase towards the overbought range, with the average trend line supporting the price development. This suggests that the XRP coin price may continue to gain value in the near future.
Will XRP Price Reach $0.74 This Year?
If the market regains the USD 0.630 mark, the bulls will prepare to test the upper resistance level at USD 0.690. Furthermore, if the XRP coin price maintains its value above that level. This could lead to the price heading towards the yearly high of $0.7450.
On the other hand, if a trend reversal occurs, the Ripple token could retest its support level of the descending channel pattern. Moreover, if the bears continue to gain strength, the XRP price could decline towards the lower support level at USD 0.560.
Curious about the long-term prospects of XRP? Read our Ripple (XRP) price forecast for potential price targets!
