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Bitcoin and altcoin markets continue to experience eventful days. Today, Bitcoin broke a new record by surpassing $72,000. Ethereum also settled at its 2024 peak by exceeding $4,000 today. Now everyone is curious whether the cryptocurrency XRP will make a rise. Let’s take a look at XRP’s trajectory.
Weekly Outlook for XRP
The cryptocurrency XRP’s price has recovered after moving away from a significant support region, surpassing the short-term declining resistance line. More rises are expected in the near future. XRP’s price has shown an increase since bouncing back from the $0.49 horizontal support region during the week of January 29 – February 4, 2024, as indicated by the green arrow.
The $0.49 region is considered a critical level for the rising trend that started in June 2022. Therefore, the rebound from this region indicates that the trend is still upward.
The weekly Relative Strength Index (RSI) has risen above the declining resistance line. Accordingly, it has positioned itself above 50 and is showing an upward slope, indicating that the bulls have regained control. If the upward momentum continues, XRP’s price could rise by 45.53%, reaching the long-term resistance region of $0.91.
Short-Term Resistance for XRP
The daily chart shows that XRP’s price has broken above the short-term declining resistance line that has formed since the local high of $0.73 on November 6, 2023. This move also helped the price surpass the $0.58 resistance region, which has been confirmed as support in the last few days.
The daily RSI is above 50 and showing an upward trend, supporting the potential for further rises. Therefore, it can be considered that the correction from the local high of $0.73 has ended and XRP may be in a new rally. The next target to watch is the $0.73 level.
The most likely scenario is that XRP’s price will continue to rise in the near future. While the nearest target is $0.73, a higher target is at the $0.91 level. Although indicators point to a rise for Ripple (XRP), it is important to remember that there are external factors affecting XRP. In particular, the ongoing lawsuit and Ripple’s holding of 40.7 billion tokens are among these external factors. Therefore, XRP’s increase will also be shaped by these external factors to some extent.
