XRP investors were excited to see their investment reach new heights when it hit a 20% increase in value. However, this rally quickly ended following the $1.15 price point, leading traders to fall below critical support lines.
The XRP price is $1.09 with a 24-hour trading volume of $4,324,857,066, and it’s down 1.61% on the last day. The current CoinMarketCap ranking for this cryptocurrency is #7.
Ripple Price Analysis
The price of XRP reached a high point on the 27th, and after that, it started to drop. However, during this period, there was also an increase in prices by 20%. This eventually led up until almost $1.20 per coin was achieved at one point.
The XRP bulls finally ignited a much-needed upwards run over the past three days as they cleared away all of their shorts and succeeded in triggering an impressive 13% gain.
It seemed as though the price had finally broken through a long-standing resistance, ascending from its bottom fall. However, just as quickly and unexpectedly, it was pushed back below by bears within an apex of consolidation.
The support at $1.06 should provide a comfortable floor for XRP to keep it above the psychological ceiling of $1, with an expectation that another breakout attempt can be made soon.
XRP Price Prediction
XRP is likely to remain above the $1 level and consolidate further. A break of that key resistance can send XRP to back up towards an average price of around 1 USD or even higher, depending on how much momentum buyers have at their disposal in this bear market for cryptocurrencies right now.
A break above that can lead it on an upwards push beyond 2 dollars per coin.
Expected XRP breakout? The $1.2 resistance can yield success this week, depending on how price action responds to it. A successful test could lead to a new uptrend with much greater potential than before.