As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, and I must admit, the current outlook for XRP is quite intriguing. The resilience demonstrated by XRP in recent weeks, outperforming even Bitcoin and Ethereum, is a testament to its underlying strength and potential.
Over the last few weeks, Ripple (XRP) price has demonstrated remarkable durability compared to Bitcoin (ETH) and Ethereum (ETH). This positive momentum is expected to continue, especially as Bitcoin’s price has been strong recently. Consequently, investors should anticipate that XRP’s price will increase on the daily chart and potentially spark a swift upward surge if it can surpass critical resistance 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
In simpler terms, the cost of XRP, known as the remittance token, recently jumped around 10% after hitting its Yearly Volume Weighted Average Price (VWAP) at approximately $0.560. However, it has been unable to break through the daily resistance levels of $0.556 and $0.626. On the bright side, there’s a support zone ranging from $0.550 to $0.584 in place to cushion any potential drops for those who are bullish on Ripple.
In conditions where the market is neither bearish nor excessively bullish, it’s expected that a return to this demand zone will trigger a surge in buying interest, potentially propelling Ripple’s price past the $0.626 barrier. Once this significant resistance level is turned into support, Ripple enthusiasts may spark a rally pushing the price up towards $0.716. A revisit of the $0.716 level would suggest a 25% increase in value for the remittance token.
As of August 2023, I’ve found this particular level to serve as an obstacle, causing it to halt progress on three occasions. Therefore, I would advise potential investors to exercise caution when approaching the $0.716 mark and perhaps think about securing their profits.
If XRP‘s price is unable to surpass $0.626, it suggests that buyers are not showing much interest. This could lead to a drop in price, potentially reaching the range between $0.550 and $0.584. If this support area is breached, it would weaken the bullish outlook significantly.
This development could induce a 9% crash in XRP price to the yearly VWAP’s lower band at $0.501.
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2024-08-21 14:31