Altcoins
Is Ripple’s $1 target still within reach as price hits $0.64?
The cryptocurrency market continued to trade in a bearish mood with leading tokens such as Bitcoin And Ethereum hovering near their important support levels of $65,000 and $3,250 respectively.
However, Ripple price has been displaying increased price volatility by adding significant value to its respective portfolio over the past few weeks. Moreover, with XRP price recovering $0.64, questions like “Will XRP price reach $1?” and “How high will XRP price go?” are constantly increasing.
Dive into this article as we discover the market sentiments, price analysis, and potential short-term price targets of the Ripple (XRP) token.
Ripple price forms a bullish flag pattern:
With a jump of 8.05% over the last day with a trading volume of $2.76 billion, the XRP Coin Price has successfully tested its flag pattern support trendline. This highlights an increase in buying over selling pressure for the altcoin in the crypto space.
TradingView: XRP/USDT
Additionally, this altcoin has gained 7.44% in the last seven days and 35.46% in the last 30 days. Notably, the XRP token has recovered all its losses and recorded a YTD return of 3.04%.
The Relative Strength Index (RSI) has shown a sharp rise towards the overbought zone, with its average trendline experiencing a bullish convergence. This highlights an increase in buying pressure for the XRP cryptocurrency within the market.
The MACD has successfully tested its neutral point and is recording a steady rise in the green histogram. With a positive crossover in the Ripple Price Chart wise, the indicator highlights a bullish outlook for the altcoin in the coming times.
Will XRP Price Reach $1 This Year?
If the market sustains Ripple price above its important support level of $0.630, the bulls will test its resistance level of $0.690 this week. Sustaining the price at this level will pave the way for the XRP coin price to attempt to test its higher high of $0.7450.
For XRP price to reclaim the $1 mark this year, it would require a 55.88% jump from its current trading price of $0.6415. This would translate into a market cap of $56.627 billion.
On the other hand, if a trend reversal occurs, Ripple price will lose momentum and retest its $0.630 support. Moreover, if the bulls fail to regain power at this point, the price will plunge towards its important support trendline at $0.560.