XRP Outlook: Ripple Price Just Needs a Minor Breakout
The Ripple forecast is once again looking bullish as the XRP price has recently reached a higher high on the daily chart. This indicates a break in the previous bearish market structure and has generated increased interest among investors in the altcoin.
XRP is the native asset of the Ripple ecosystem, which has been in the spotlight over the past few years due to its conflict with the US SEC. However, a court ruling in July 2023 favored Ripple, the parent company of XRP. Since then, the price action of the coin has been intriguing, to say the least.
Currently, XRP crypto is hovering around $0.65 after a slight correction from its monthly high of $0.73. Recent Ripple news suggests that the fundamentals are aligning with the bullish price action, indicating the potential for strong growth in the coming weeks.
According to Coingecko, a crypto markets tracker, over the past 24 hours, $1.8 billion worth of XRP coins have been traded on various digital asset exchanges. The data also reveals a noticeable increase in trading volume over the past two weeks, and the recent breakout is supported by decent volume.
XRP to USD
For this article, I have chosen to analyze the XRP to USD chart on a lower timeframe. The chart below shows that the coin is currently down 12% from its monthly high due to increased volatility in the crypto markets. After a pullback, the price seems to be range-bound between $0.65 and $0.70.
Given the recent daily close above the $0.66 resistance level, the Ripple price prediction appears bullish once again. Therefore, I remain confident in a potential retest of the 52-week high around $0.92. However, if the price closes below $0.53 on a daily basis, this bullish outlook will be invalidated.
Article Sources
- Market stats from CoinGecko, https://www.coingecko.com/en/coins/xrp
- Technical analysis performed on Tradingview chart, https://www.tradingview.com/x/V91XADfq/
