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Among the largest altcoins by market value, XRP Coin is finding buyers at $0.54 as this article is being prepared. Its daily gain has exceeded 5%, compensating for the excessive sales during a period of decline that lasted several weeks. Those who evaluated the bottom are satisfied. So, what is the next target for XRP Coin in dollars?
Ripple (XRP)
After dropping to a base of $0.43, the XRP Coin price has roughly increased by $0.11. The price, which had fallen by 43% from its last peak, is now turning its direction upwards again. Bulls, regaining the golden ratio support, could see a strong rally in the short term if they can continue their closures above $0.52. While the MACD signals an uptrend, the RSI remains in the neutral zone despite the price increase, indicating potential for further rise.
Despite positive signals in the monthly chart, the situation is a bit different weekly. Here, to speak of a definite turnaround, we need to see the main support of $0.62 reclaimed. If successful, XRP Coin bulls could target $0.75.
Currently, the Fib resistance at $0.54 has been taken. Since the BTC price is close to its daily peak, the overall market sentiment is also positive. With major companies’ quarterly earnings reports coming throughout the week, it remains possible to stay hopeful for the coming days. If Friday’s PCE data also comes positive, the rally could gain momentum by the weekend or towards the end of the week.
XRPBTC Chart Commentary
As BTC undergoes such turns, the most important pair for investors in altcoins becomes BTC. The situation of XRP Coin in its BTC parity could be useful to understand its next price path. The key support region for XRP against BTC is at the 0.0000062 BTC level.
MACD is giving an early rise signal and RSI is indicating a return signal as it is in the oversold area. After reaching such low levels, RSI recovers and price makes quick turns. The main upward risk is at the 50-week EMA in the 0.00001395 BTC area. The resistances at 0.00001238 BTC and 0.0000134 BTC are levels to watch for a potential breakout. We are likely to hear more developments related to the case this week, which could lead to a news-driven breakout. Of course, it is not possible to say anything definite about the direction of the breakout.
