XRP Price Prediction as Key Resistance Appears at $0.70 – Is a Bullish Breakout Possible?
The XRP price has risen by 3% in the past 24 hours, reaching $0.612927 as the cryptocurrency market recovers by 2% today.
This jump follows a couple of difficult days for the market, which responded negatively to the news that Binance had settled charges with the US Department of Justice for $4.3 billion.
Reflecting this negativity, XRP remains down by 4.5% in a week and by 12% in the past fortnight.
Yet with the altcoin also up by 11% in a month and by 61% in a year, it has enough medium- and long-term momentum to rally again in the coming weeks.
XRP’s indicators remain consistent with either incoming gains or losses, although today’s bounce raises hopes that it will recover quickly from this week’s troubles.
Its RSI (purple) has returned to 50, and while it currently seems pretty flat, it looks to have stabilized ahead of what may be incoming rallies.
As for XRP’s 30-day average (yellow), it continues to climb very gradually further above its 200-day (blue), providing ongoing signals that the altcoin remains in a growth phase.
Much the same thing goes for XRP’s support level (green), which did fall earlier in the week to the $0.58 level, but which also seems resistant against any falls lower than this.
As such, it’s likely that XRP will continue recovering as we enter the weekend, with its volume remaining above $1 billion.
The question remains, however, as to whether it can mount a concerted rally beyond key resistance levels at $0.65 and $0.70.
If it can surpass such prices, we could end up seeing a strong end-of-year rally from the token.
This will all depend on the market’s overall sentiment, with the mood generally remaining buoyant in recent weeks, despite Binance’s recent settlement.
Indeed, investors increasingly expect
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