XRP Price Prediction: XRP To Continue Rising, Targeting Another Monthly High

The XRP price surged 4% in the last 24 hours to trade at $0.5920 as of 10:26 p.m. EST on trading volume that rose 2% to $1.1 billion.

The XRP price surged 4% in the last 24 hours to trade at $0.5920 as of 10:26 p.m. EST on Monday. This latest pump comes just days after Grayscale announced the launch of a new XRP Trust that will give accredited investors direct exposure to the XRP token.

Some analysts said the announcement signaled greater mainstream acceptance of XRP by corporate entities in the U.S. after a prolonged period of regulatory uncertainty triggered by the long-running lawsuit against the SEC, which came to a conclusion last month. Others added that it will help pave the way for an eventual XRP ETF (exchange-traded fund).

XRP Price Prediction: XRP To Continue Rising, Targeting Another Monthly High

After reaching a monthly high of $0.63 on August 24, the XRP price then went through a correction back to the $0.52 support level.

According to the XRP/USDT chart on the 4-hour timeframe, the bulls then used the support to push the price of XRP through a markup phase to the $0.5975 resistance zone. The price movements through the resistances and support have formed a rounding bottom pattern, which the bulls aim to capitalize on to push the price of XRP towards a bullish rally.

XRP price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bullish sentiments.

Meanwhile, the Relative Strength Index (RSI) is soaring through the 70-overbought region, currently at 76. This indicates intense buying pressure and signals that the asset is currently overvalued.

The Moving Average Convergence Divergence (MACD) also shows signs of bullish sentiment, as it now crosses above the neutral line and soaring. The blue MACD line has also crossed above the orange line, showing that XRP is on sustained positive momentum.

If this momentum continues, the price of XRP could soar to breach the monthly high as the bulls target a new high at $0.64.

In an inverse scenario, if the bears take charge of the token, XRP could drop back to the $0.54 support zone, coinciding with the 50-day SMA.