Price Analysis

XRP Price Hangs Above Crucial Support Levels, $5 Appears Imminent!

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Highlights

    XRP price hovers above the trend line and hence may surge above $1 soon and eventually hit levels close to $2 shortly

    The bull run may get more aggregated and hence a massive surge may be expected that may escort the price above the current ATH

Ripple’s XRP price has experienced massive growth in the past year, gaining nearly 351.4%. The asset which consolidated for nearly two years went parabolic to hit yearly highs close to $2 in the first quarter of 2021. However, the recent dip dragged the price below $1 and kept trading in the narrow region. 

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Yet, the fresh surge initiated in the early trading hours has propelled the price close to $0.9 levels, resuming the bull run. The price is standing above the strong trend line and hence can hit targets above $1. An analyst has set the levels for the XRP price and hopes the price will surge in the coming days. 

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In the charts posted by the analyst, the XRP price may hit the initial target at $1 currently. Moreover, the price chart has formed a ‘W-Shaped’ pattern and on the verge to break the neckline. Once the pattern is broken, the price may propel towards the next levels. 

Also Read: XRP Price Feared To Plunge Down, Here Is When It Can Bounce Back!

The price currently trading at $0.8676 levels with a jump of 4.24% in the last 24 hours, could gain huge bullish momentum. Therefore, can register $1.1 as a weekly high and eventually record levels in between $1.7 and $1.8 by the end of this month.

The other signals that point towards a healthy rally include the increase in the XRP holders despite the price plunge. Nearly 46,000 new users have been added to the existing 396,000 holders who hold XRP between 1000 to 1,000,000. Moreover, the increased social volume also suggest a decent uptrend incoming shortly.

Also Read: Ripple Moved 140.5M XRP in the last 20 hours! XRP Price Embarcks a Bullish Journey

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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