As market volatility increases, with sharp fluctuations in Bitcoin’s price, Ripple It is observed that alternative cryptocurrencies such as cryptocurrencies also find support. With the increase in the price of XRP, investors are expecting a breakout in the near term.
Increasing speculations in the crypto market and the upcoming Bitcoin With the halving, we see that altcoin season is approaching. In the middle of this period, it is a matter of curiosity whether XRP will exceed $1. You can read the rest of the news to learn more details about the future of the XRP price.
Will Ripple Pass $1?
The XRP price, rising from $ 0.50, displays a double bottom formation on the weekly chart. This is considered a reversal signal. XRP’s neckline is around $0.66. However, it has faced a series of resistances throughout the upward trend.
altcoin The price is struggling to hold above the 23.60% Fibonacci retracement level. Therefore, overhead resistance also combats supply above the trend line. The high price rejection reflected in the long wick on last week’s candlestick indicates that sellers are dominant at these levels.
As of now, XRP price is trading at $0.63, down 1.08% on the day. In this context, this is seen as a withdrawal of the 4.80% increase overnight. Additionally, the 10% rise in the last two days constitutes a bullish trend regarding the recovery rally.
Technical Indicator:
MACD: With the bullish divergence on the MACD and signal lines, the reversal rally finds support in this momentum indicator.
RSI: The weekly RSI line showed a rapid reversal, moving above the halfway line, reflecting the underlying bullish increase.
Will XRP Price End Its Bear Run?
XRP price appears to be at a decisive crossroads, with buyers holding out against a series of resistances. This is very important to identify the upcoming trend. It is possible that buyers will continue to maintain the uptrend. In this case, the altcoin is likely to target the $0.93 level, which corresponds to the 50% Fibonacci level. Considering an optimistic scenario, it is possible for this breakout rally to easily surpass the $1 psychological resistance.
