Ripple (XRP) Emerges as Crypto Powerhouse; Will the price reach $1?
- The XRP price is showing the market how to run the show as the price remains bullish with good volume and strength.
- XRP is trading above the support as the price aims to continue the trend move as the price holds above the 8 and 20 day EMA.
- The price of XRP sees a rally to $1 as key resistance turned to support with more buy orders.
The price of Ripple (XRP) has continued to show its strength as a price trend with a key breakout from a downtrend area against tether (USDT). With the crypto market cap recovering from the weekly low as the market continued to look promising, the price of Ripple (XRP) was not left out as the price broke out of its long-term price trend range to a higher high with eyes on a possible target of $1. (Data from Binance)
Ripple (XRP) Price Analysis on the Weekly Chart
The crypto market got relief, as most crypto-altcoins expected. Despite the recent price rise in most cryptoassets, some altcoins have remained in range.
One project that has kept its price up in recent days has been XRP. After the announcement of the court ruling the decision in favor of Ripple (XRP) wins, the case has been received very well by XRP, a price trend week in and week out as the price sees $1.
The price of XRP saw the price decline to a weekly low of $0.3 with the timely court order; the price rose from the low to a high of $0.53, creating a more bullish scenario. If XRP maintains its bullish structure with strong volume, we could see a price rally to $1.
Weekly resistance for the price of XRP – $0.6-$0.8.
Weekly support for the price of XRP – $0.3.
Price analysis of XRP on the daily (1D) chart
On the daily time frame, the price of XRP continues to show strength as it pulls in some gains despite the market appearing to have stalled in price movement; after hitting a daily low of $0.44, the price of XRP rose to a high of $0.5 before being rejected in an ascending triangle as it struggled to break out with the price breaking out and looking more bullish for a rally.
The price of XRP breaking out signals more bullish trends to a top of $0.6 and a possible rise to $1. The price of XRP with 8 and 20-day exponential moving average (EMA) is a good sign of price growth.
The prices of $0.50 and $0.4 correspond to the 8- and 20-day EMA values.
The Relative Strength Index (RSI) for XRP shows increasing buy orders as the value is above the 50 mark area daily.
Daily resistance for XRP price – $0.6-$0.8.
Daily support for XRP price – $0.45.
Featured Image From Finbold, Charts From Tradingview
