Ripple price (XRP) has shown incredible resilience over the past few weeks, outperforming Bitcoin (ETH) and Ethereum (ETH). This bullish outlook is unlikely to fade, especially now that Bitcoin price has shown strength. Therefore, investors should expect XRP price to trend upward on the daily time frame and trigger a quick rally if it can clear key levels.
XRP Price and News: Ripple outshines top coins. Will the uptrend continue?
- The XRP price has risen by almost 26% in the last seven weeks, while the Bitcoin price has fallen by -4.75%. Ethereum, on the other hand, has lost -24.37% in the same period and is the worst performer of all. The bullish forecast for XRP comes from the victory in the SEC vs. Ripple lawsuit in favor of the defendant.
- While the above point is optimistic, investors must also consider that the supply of stablecoins on exchanges is increasing relentlessly, according to Santiment data. This capital will likely flow into the altcoins that are performing strongly or showing signs of potential return. So investors can expect XRP to be one of those cryptocurrencies.
Ripple Price Analysis: XRP Bulls Plan Their Next Move
XRP price recently bounced off the yearly volume weighted average price (VWAP) at $0.560, sparking a nearly 10% surge. But XRP, the remittance token, is still stuck between the daily resistance levels of $0.556 and $0.626. Fortunately for the Ripple bulls, the demand zone stretching from $0.550 to $0.584 is there to support any upcoming pullbacks.
In neutral to bullish market conditions, a retest of this demand area will most likely be accompanied by a surge in buying pressure that could give Ripple price the momentum to overcome the $0.626 hurdle. Overcoming this key resistance level will pave the way for Ripple bulls to catalyze a rally to $0.716. Retesting the $0.716 hurdle would signal a 25 percent rally for the remittance token.
This level has been a critical blockage since August 2023 and has resulted in three rejections. Investors must therefore be cautious around $0.716 and consider taking profits.
On the other hand, if the XRP price fails to clear the $0.626 mark, it would be a sign of a lack of buyer interest. Such a development could result in a drop to the $0.550-$0.584 demand zone. A breakdown of this support area would invalidate the bullish thesis.
This development could result in a 9% crash in the XRP price to the lower limit of the annual VWAP of $0.501.
Frequently Asked Questions (FAQs)
The XRP price has risen by almost 26% over the past seven weeks, outperforming Bitcoin (-4.75%) and Ethereum (-24.37%).
The XRP price must clear the daily resistance of $0.626 to clear the way for a rise to $0.716.
If the XRP price fails to clear the $0.626 level, it could drop to the $0.550-$0.584 demand zone, and a breakdown of this support area could result in a 9% crash to $0.501.
Akash Girimath
Akash Girimath is basically an engineer but is interested in the chaos of financial markets. Akash is a senior reporter and analyst who also regularly trades cryptocurrencies and manages a small cryptocurrency fund for friends and family.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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