XRP Price forecast — Up 5% to $0.51
XRP is up 5.1 percent in the past 24 hours, according to CoinGecko. At the time of writing, XRP was trading at $0.515. The XRP rose more than 7 percent last week and 52 percent last month.
XRP rose 5 percent to $0.51
XRP has outperformed the other top 10 cryptocurrencies by market cap. XRP is currently the sixth largest cryptocurrency with a market cap of $25.7 billion.
Trading volume in XRP reached $2.69 billion in the last 24 hours, making it one of the most traded cryptocurrencies on the market. Traders’ growing interest in tokens could lead to new short-term highs.
During the intraday session, the price of XRP traded between $0.48 and $0.52, indicating little volatility in the token. As such, investors need to pay attention to the next level the token could break to determine bullish or bearish sentiment.
As shown in the figure above, the XRP RSI is 39. This indicator shows that tokens are currently tending to be oversold. Despite the 24-hour rise, the trend remains bearish and buyers have yet to step in to push prices higher.
The moving average divergence of Convergence (MACD) also highlights the bearish sentiment in XRP. The MACD line is below the signal line, indicating that bears are still in play. But the line’s movement suggests that the trend may be reversing.
Note that while the RSI and MACD are showing a bearish current trend, they can also indicate that the trend may be reversing. The XRP could move higher once the selling momentum from profit takers abates.
XRP has broken through the key $0.50 level and it could be heading towards $0.60 as it is targeting $0.80. XRP has been bullish over the past few weeks and the positive sentiment around it is likely to keep it on a steady uptrend, with an increase in XRP purchase orders expected to spark a rally to $1.
Positive emotions trigger gains around the adoption of court cases and the Internet
The main reason for XRP’s bull run over the past week is optimism surrounding the ongoing case between Ripple and the SEC. Ripple recorded its latest victory after U.S. District Court Judge Analisa Torres ordered the SEC to turn over documents from William Hinman’s speech.
Hinman, a former SEC executive, said in a 2018 speech that Ether was not a security. The details of the speech could strengthen Ripple’s defense, as the company could poke holes in the process used by the SEC to determine that some cryptocurrencies are securities and others are tokens.
On the other hand, Ripple blockchain will also be widely adopted, which provides the basis for XRP’s long-term benefits. Over the past year, there has been growing talk of simplifying cross-border payment systems and supporting central bank digital currencies, and Ripple’s network is best suited to that. Santiment data also reported that Ripple’s network growth was at its highest level in three months.
Ripple is also positioning itself as an eco-friendly blockchain, making it attractive to ESG investors. Another green cryptocurrency making crypto headlines is IMPT. The IMPT is currently on pre-sale and has raised nearly $2 million in a few days.
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