While the Bitcoin price hit a new all-time high, other major cryptocurrencies are showing strength as well. One of those coins is XRP, which has been going vertical in the previous weeks.
Today, the XRP bulls pushed the price above the resistance but failed to sustain the higher levels. Currently, Ripple price is trading right under a critical resistance area. Several indicators show XRP Price could be aiming for a massive breakout towards $1.
Analyst Predict XRP Price to Explode Higher and Reach $0.7
Well known Crypto Analysts with username Signal Center, believe that the XRP price will rise towards the $0.70 mark. This is a trading opportunity for the buyer market as the price is expected to go long from here and move upwards. The stop-loss was placed at $0.62970.
The take profit targets for this trade setup are at $0.7079 and then $0.7341. The price had previously fallen below an ascending trendline after its continuous ascension over the last week. The price had moved to the bottom and near the $0.47 support from where it bounced towards the upside.
On the other hand, Another popular trader and analyst Vince Prince has highlighted an ascension channel for this altcoin. Per the analyst, the price should rise towards the $0.71 resistance before falling bearish and moving below the up-channel.
The analyst believes that the cryptocurrency will turn bearish and fall below the channel after bouncing off the upper boundary and the flat $0.71 Fibonacci resistance that lies above. As per the chart, the price will fall bearish towards the $0.48 mark once it breaks below the up-channel. The analyst expects the price to bounce from this bottom of the trade setup.
XRP Price Analysis
XRP price drops to $0.6550 while stepping back from the latest high of $0.6767 during the early Tuesday. The altcoin fades upside momentum inside a bullish chart pattern. XRP/USD drops to $0.6550 while stepping back from the latest high of 0.6767 during the early Tuesday.
At the time of writing, XRP price is trading at $0.650899 with 4% gains. The cryptocurrency is currently holding a market cap value of $29,449,497,216 with $16,949,963,066 trading volume.
A breakout above the crucial resistance level at $0.655 could quickly drive the Ripple price to the last 2020-high at $0.78 and further rally towards $1. The cryptocurrency market seems to be recovering quickly, having gained back $100 billion in market capitalization over the past 3 days and adding more buying pressure to XRP.