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Cryptocurrencies are generally recovering with the clear support of the recent Bitcoin rise, surpassing the $2 trillion threshold. Bitcoin has reached $57,000 again, and XRP Coin has once more crossed $0.58. So, according to current technical readings, what price is Ripple (XRP) targeting?
Ripple (XRP)
An altcoin that has been on the agenda of cryptocurrency investors for years, XRP has been causing distress since its all-time high (ATH) day. The rapidly increasing circulating supply is distancing the coin from its former ATH days, and the ongoing lawsuit only adds to the growing uncertainties.
However, the XRP Coin price has been recovering along an upward support trend line that started in October 2022. At the beginning of 2024, even though the XRP price broke below the upward support trend line, it quickly rebounded back to the key area, indicating the break was merely a deviation.
Now, XRP Coin is drawing attention to the possibility of further increases with closures above the trend line. The weekly RSI has not yet given the clear bullish signal expected.
XRP Coin Price Predictions
The outlook was significantly positive for cryptocurrency analysts. An analyst known as 3TGMCrypto predicts that the upward movement will soon accelerate, indicating that the price correction has completed. Cryptoes points to an inverse head and shoulders pattern with a target of $0.57, while RealXRPWhale suggests we will see a significant movement.
On the other hand, daily chart readings were similarly optimistic as the weekly ones. The price has been moving within a decreasing parallel channel since November 2023. XRP bounced off the channel’s support trend line on January 31, 2024, and is now approaching resistance again.
This is the seventh resistance test, and the resistance that should weaken with each attempt must now be broken. Of course, the change in overall market sentiment was the trigger for the failures of previous attempts, so it is crucial that the BTC price does not stray too far from the $57,000 region.
The daily RSI is targeting above the neutral zone, which supports the bullish forecast. If the expected scenario unfolds, the main target for XRP Coin should be the $0.72 resistance. However, a rejection from the channel’s resistance could trigger a decline of approximately 18% to $0.46.
