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Every period has its own altcoins, and currently, XRP Coin is the popular cryptocurrency of these days as the case comes to an end. Since numerous evaluations have already been shared regarding the summary decision, today we are focusing on the short and medium-term price. What do the current data tell us about Ripple (XRP)?
Will XRP Rise?
Ripple‘s XRP price broke out of the 700-day resistance line and reached its peak at $0.94, which is the yearly highest level. However, the price has been declining since then and confirmed $0.9 as a resistance level. The negativity in the overall market sentiment, especially with the upcoming Fed meeting within the next 24 hours, has had an impact on this poor performance.
Due to the above-mentioned breakout, while the long-term trend is bullish, the short-term trend is still undecided. Therefore, there may be another drop before the price starts to rise again. The weekly time frame analysis for XRP indicates a positive outlook. The main reason for this is the breakout of the 700-day descending resistance line. Breakouts from such long-term structures often indicate the beginning of stable uptrends. Interestingly, we can see similar breakouts in many other altcoins with 600-800-day resistance lines.
The market-wide breakouts may signal a collective reversal in the near future.
When Will XRP Coin Reach $1?
Short-term analysis on the six-hour time frame confirms the bullish outlook. Analysts use the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps determine the direction of a trend. The most likely wave count indicates that the XRP price is currently in the fourth wave of a five-wave uptrend.
According to Elliott, after one final correction, the XRP Coin price will soon struggle to surpass $1. The most likely range for the bottom of the fourth wave is $0.64. Closures below $0.56 in the short term can adversely affect the bullish outlook. In the scenario where things turn around, the XRP Coin price can drop as low as $0.4. Of course, technical analysis cannot predict the future, but the current outlook seems promising for XRP Coin.
