Everybody knows XRP is one of the hottest names in cryptocurrencies right now. Thanks to the efforts of the XRP Community, the coin has managed to move up in volume, volume, volume in the past couple of days.
The Ripple team has been working hard to keep ahead of the growing demand for XRP. The recent news that Ripple will be integrating XRP into their banking products has been a very exciting development for investors. With ripple having recently topped the top 100 cryptocurrencies on Coinmarketcap.com, the news that XRP may soon be integrated into the banking system for cross border transactions could make XRP one of the most valuable cryptocurrencies in the world.
There’s a bit of a movement on the charts this week, and it’s all coming from Ripple. The price of XRP has gone from $0.25 to $0.64 over the past week, and we’re expecting an even bigger move coming up. The last time we noticed such a move was on December 19, and that’s when the price of Ripple went from $0.20 to $0.35.
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Analysis of Costs
Although XRP has broken out of its falling wedge pattern, it is still trading below its swing high of $1.30. A symmetrical triangle formed by a 24-hour retracement may be used to calculate $1.60.
Furthermore, after Ripple’s recent court victory against the SEC, sentiment is expected to be favorable. At the time of writing, XRP was trading at $1.25 and was ranked sixth on CoinMarketCap.
When XRP broke above an upper trend line bullish pattern, there was a lot of uncertainty. If an asset breaks out of a low volume trend, a flashback is probable.
A move south, as well as a close below the 20-SMA (red), would allow sellers to extend losses below $1.12. A symmetrical triangle would emerge as a consequence of this. $1.60 would be the goal for a successful breakthrough.
XRP must close above $1.30 to prevent this situation. With goals just above $1.40, an early breakthrough would be prolonged. The bullish structure of XRP would be weakened by retracements and closes below $1.05.
The RSI seemed to be set for another rise after correcting overbought conditions last week. This was accompanied by some Awesome Oscillator momentum.
The Directional Movement Index (+DI) was trading above the Directional Movement Index (-DI), suggesting that XRP’s bullish run was not ready to come to an end. A retest of $1.12 is improbable if the RSI and AO continue to climb.
XRP may now reach $1.40 thanks to a falling wedge formation. If XRP can create a symmetrical triangle with a fresh bottom below $1.120, it will have a better chance of breaking out.
In a few weeks, a 40% rise to $1.60 is conceivable if the market continues in this way.
According to CoinMarketCap, the current XRP price is US$1.25 with a 24-hour volume of trading of US$4,492,636,562.
The XRP price keeps seeing growth, and the price is likely to keep growing in the coming weeks. The XRP price has seen 19 percent growth in the past 24 hours. This is quite impressive growth, and this is likely to keep happening in the coming weeks.. Read more about bitcoin price and let us know what you think.
This article broadly covered the following related topics:
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- xrp price prediction
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