XRP Price Prediction: Will Bullish Momentum Drive It Back To $0.75?
After weeks of major decline, XRP’s price found a support level around the $0.5685 mark, forming a low at this level before initiating a new uptrend, mirroring movements seen in Bitcoin and Ethereum.
XRP’s price moved above $0.5850 and $0.600, surpassing the 23.6% Fibonacci retracement level of the previous downward movement from $0.74 to $0.5686. As a result, bulls further pushed the price above the $0.64 resistance zone.
At press time, XRP is trading at $0.6485, showing a 2.30% increase in the last 24 hours. The first key resistance is near $0.700, with a potential further increase towards the $0.7320 resistance lever. If the bullish trend continues, the next key resistance level is near $0.7440, and if the bull pushes more, there could be a rally toward the $0.800 level. Any further gains may even send the XRP price to the $0.820 level.
However, if XRP fails to clear the $0.6560 resistance zone, it could trigger another decline. Initial support on the downside is near the $0.640 zone and the trend line.
The next major support lies at $0.620. Should there be a decline and a close below this level, the XRP price might accelerate lower. In this case, the price may revisit the support zone around $0.5685.
Despite the recent bullish trend in XRP price, nearly 46 million XRP tokens were transferred to CEXs Bitstamp and Bitso via two transactions in the past 24 hours, triggering concerns over the XRP’s price action ahead.
The first transaction showed 24 million XRP coins transferred to Bitso, and the other transaction showed 22.25 million XRP coins transferred to Bitstamp both from unknown wallet addresses.
