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Cryptocurrency News Articles
Ripple (XRP) Price Prediction 2023: Will XRP Hit $0.74 This Uptober?
Sep 29, 2024 at 01:50 am
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.
The cryptocurrency market has seen increased bullish activity, and the Ripple price has picked up steam after displaying a neutral price movement over the past two weeks. After multiple failed attempts over the past three months, the price has finally broken out of its crucial resistance trendline.
However, given the 7th largest cryptocurrency's history of price volatility, traders are keeping a close eye on its future price prospects. In this piece, we'll delve into the in-depth market sentiment, price analysis, and potential price action of the Ripple (XRP) crypto token.
Rising XRP Price Breakout Rally
The XRP crypto token has experienced a surge of around 5% in the past 24 hours, with a trading volume of $2.039 billion, indicating a change of +66.26%. It has also seen an addition of 8.08% over the past month, recovering all losses incurred between April and July.
With the recent price pump, the price has breached its resistance trendline of the channel pattern in the 1D time frame. Notably, it trades at $0.62, with a market cap of $35.13 billion, and needs a rise of less than 2% to claim the position of the 6th largest crypto.
The 50-day EMA provides continuous support to the Ripple price chart in the 1D time frame, highlighting a strong bullish sentiment for the altcoin in the crypto market.
Furthermore, the RSI indicator has sharply risen toward the overbought zone, with its average trendline supporting the price trend. This suggests that the XRP coin price may continue to increase in value over the upcoming period.
Can XRP Price Reach $0.74 This Uptober?
If the market manages to reclaim the $0.630 level, the bulls will prepare to test its upper resistance level of $0.690. Moreover, if the XRP coin price sustains its value above that level, it could lead to a movement toward its yearly high of $0.7450.
On the other hand, if a trend reversal occurs, the Ripple token could retest its support level of the descending channel pattern. Furthermore, if the bears continue to gain momentum, the XRP price could plunge toward its lower support level of $0.560.
If you're curious about XRP’s long-term prospects, check out our Ripple (XRP) Price Prediction for potential price targets!
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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