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XRP Price is all set for a comeback as bulls target $0.7
Analysts believe XRP price to hit $3 Next week.
XRP Sees Trading Volumes Decline
Google Trends says that it's bullrun time for #XRP.
It’s a bearish start to the day for the majors. Failure to move back through early highs would bring support levels into play. XRP Price, like the rest of the market, had a significant crash from its peak of $0.78 down to $0.456. The digital asset is currently trying to bounce back up, awaiting a clear breakout or breakdown.
Analyst Believe XRP Price Might Rally Towards $3 and May Reach $10 – $15 in January
Well Known Crypto trader and Analyst, with twitter handle CryptoBull2020 shared his XRP analysis to his 13.8K twitter followers. The analyst is expecting two more days of consolidating, followed by an explosive move up to around $3.
Further, he stated that :
Many people are not emotionally equipped to handle the next #XRP moved to $3. It will be just as explosive as the last move. People will sell, buy back in, lose money, when all they have to do is wait and hold until $10 and above.
It seems that the analyst is super Bullish on XRP price. He believes that the XRP price will shoot up to $3 next week. Then it will consolidate around $2 for three weeks, before making its way up to the $10-$15 range in January.
He also shared a chart justifying his prediction. As per the chart, the XRP price follows the same pattern as in early 2017.
On the other hand, Google Trends data shows searches for “XRP” rose to a yearly high as XRP price previously rallied to $0.9.
Big News Coming Ahead!
An XRP Enthusiasts with twitter handle @XRP_Productions stated in his recent tweet that,
Our top investigative reporter just found out some HUGE news that @Ripple will be releasing next week…
However, it is still unclear that the tweet was just to create hype or if any huge announcement is waiting ahead.
XRP Price Analysis
At the time of writing, XRP is trading at$0.549714 with minor gains. The token is currently holding a market cap value of $25,002,750,736 with $16,841,058,061 trading volume.
XRP Price needs to avoid a fall through the $0.5485 support level to support a run at the first major resistance level at $0.6014. However, support from the broader market would be needed, for XRP to break back through to $0.60 levels.
As per the 30-minute chart, the MACD has just turned bullish as Ripple price bounces off the lower boundary of the ascending triangle pattern. However, a breakdown below the lower boundary of the ascending triangle would be a notable bearish sign with the potential to push Ripple price towards $0.448, using the height of the pattern as a reference.
In the event of an extended rally, Ripple’s XRP could test the 23.6% FIB of 0.6274 and the second major resistance at $0.6410. Failure to avoid a fall through the $0.5485 pivot would bring the 38.2% FIB of $0.5285 and the first major support level at $0.5090 into play.
Expecting another extended crypto sell-off, XRP Price should steer well clear of sub-$0.40 levels and the 62% FIB of $0.3687. The second major support level at $0.4560 should limit any downside.
On the other hand, the trading volume is declining slowly, which indicates a potential breakout is happening soon. Breaking the resistance level at $0.574 can quickly drive the XRP price towards $0.7.