Experts Forecast XRP to Break $1 Barrier, Avoids Lower Lows Amid Market Crash
The price of XRP has gained by 3% in the past 24 hours, reaching $0.5159 as the cryptocurrency market continues to manage a steady recovery from this week’s earlier downturn.
This move means that XRP is down by 20% in a week, but up by 21% in the the past month.
And while the coin is disappointingly down by 16% in the last 12 months, the incoming settlement between the SEC and Ripple could push it much higher towards the end of the year.
Some analysts are even predicting XRP to break the $1 barrier and rally much higher in the longer term, with the coin still having lots of space to return to its all-time high of $3.40.
XRP’s chart is looking strong again after the pain of Monday, with the coin’s indicators suggesting that it’s on an upswing that still has a day or two left to run.
For instance, its relative strength index (purple) has risen to 60, and can still rise to 70 or even 80 before it decisively enters an overbought position.
Just as encouragingly, XRP’s 30-period moving average (orange) is now rising steadily towards the 200-period average (blue), with the coin’s current climb not over until the shorter term average crosses its longer term counterpart.
What’s interesting is that XRP has continuously been breaking through its short-term resistance level (red) since beginning a decline at the start of August.
As such, these breakthroughs are likely giving it added impetus, although we’ve seen whales transferring XRP to exchanges in the past day, implying that the ground may still be shaky.
Yet in the medium- and long-term, many analysts are highly bullish as far as XRP is concerned.
Indeed, Crypto Twitter trader ‘Doctor Magic’ noted yesterday that XRP held its ground better than most during the recent selloff, and that
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