With increased bullish action in the cryptocurrency market, the Ripple price has successfully regained momentum after displaying a neutral price action over the past 2 weeks. Moreover, it has broken out of its crucial resistance trendline after multiple failed attention over the past 3 months.
However, marketers are concerned about the future price prospects of the 7th largest cryptocurrency, as it has a volatile price history. In this article, we have uncovered the in-depth market sentiments, price analysis, and possible price action of the Ripple (XRP) crypto token.
Ripple Price Records A Breakout Rally?
Amid increased price volatility, the XRP crypto token has jumped ~5% in the past day with a trading volume of $2.039 billion, a change of +66.26%. Further, by adding 8.08% during the past month, and has leveled all its losses which it has experienced between April and July.
Furthermore, with the recent price pump, it has breached its resistance trendline of the channel pattern in the 1D time frame. Notably, with a trading price of $0.62 and a market cap of $35.13 billion, it requires a jump of less than 2% to claim the position of the 6th largest crypto.
The 50-day EMA constantly supports the Ripple price chart in the 1D time frame. This highlights a strong bullish sentiment for the altcoin in the crypto market.
Further, the RSI indicator has recorded a sharp rise toward the overbought range with its average trendline supporting the price trend. This suggests that the XRP coin price may continue gaining value in the coming time.
Will XRP Price Hit $0.74 This Uptober?
If the market reclaims the $0.630 mark, the bulls will prepare to test its upper resistance level of $0.690. Moreover, if the XRP coin price holds its value above that level. This could result in it heading toward its yearly high of $0.7450.
On the flip side, if a trend reversal occurs, the Ripple token could retest its support level of the descending channel pattern. Moreover, if the bears continue gaining momentum, the XRP price could plunge toward its lower support level of $0.560.
Curious about XRP’s long-term prospects? Read our Ripple (XRP) Price Prediction for potential price targets!
