Ripple (XRP) Price Card Expects Massive Breakout: Analyst

summation

• The price of XRP has been volatile, recently settling near $0.57 after a large drop and partial recovery.
• Analysts are predicting a surge, with some expecting a short-term rise to $0.65.

What’s next for XRP?

Over the past few weeks more There has been some turbulence in Ripple’s XRP, with the price trading well above $0.60 earlier this month before crashing to a low of $0.43 on August 5 (during the overall crypto market crash). What happened to ~ That day).

But three days later, XRP headed north again, rising above $0.63, following a major development in the Ripple v SEC case, where Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws, a 94% reduction from the regulator’s initial request for $2 billion.

XRP can’t maintain There was momentum and the next day it went back down to $0.60. It is currently trading around $0.57 (per coin). CoinGecko’s According to the data, there was a 25% increase in just two weeks.

Some analysts are optimistic that a new rebound is possible. Crypto Rover – X users with over 800k followers – claimed XRP is “preparing for a huge breakthrough,” he said. that A prediction of the possibility that an asset’s uptrend line and downtrend line will intersect. The meeting place is usually a precursor to violent movement in one direction or another.

CRYPTOWZRD also gave his two cents. Argue The XRP chart remains “overall positive,” with the analyst expecting a short-term rally towards the $0.65 resistance level later on. Follow Due to additional upward pressure.

What does RSI indicate?

One important indicator that measures the price movement and speed of XRP is the Relative Strength Index (RSI). It ranges from 0 to 100 and shows whether the token is overbought or oversold.

A ratio above 70 suggests that XRP is in overbought territory, meaning a price correction could be on the cards. The current RSI is around 60, The above mentioned area Only once in the last 20 days.

It is worth noting that the ratio dropped below 20 in early July when the XRP price was hovering around $0.39. Shortly after, the asset experienced a significant rebound, ending the month at almost $0.66.