The forecast of Ripple is looking bullish once again as the XRP price has printed a higher high on the daily chart. This marks a break in the local bearish market structure and has increased investor interest in the altcoin.
XRP is the native asset of the Ripple ecosystem which has been in the news for the past couple of years due to its rift with the US SEC. However, the court ruling in July 2023 ruled in favor of the XRP parent, Ripple. Since then, the price action of the coin has been quite interesting, to say the least.
At press time, XRP crypto is hovering around $0.65 after a slight correction from the monthly high of $0.73. The latest Ripple news suggests that the fundamentals are aligning with the bullish price action and the coin might be poised for a strong growth in the coming weeks.
As per the crypto markets tracker, Coingecko, in the last 24 hrs, in the last 24 hrs $1.8 billion worth of XRP coins have changed hands on different digital asset exchanges. The data also shows that there has been a noticeable increase in the trading volume in the last two weeks and the recent breakout is supported by the decent volume.
For this article, I have chosen to analyze the XRP to USD chart on a lower timeframe. The following chart shows that the coin is currently down 12% from its monthly high due to increased volatility in the crypto markets. After a pullback, the price appears to be stuck inside a narrow $0.65 to $0.70 price range.
Due to a recent daily close above $0.66 resistance, Ripple price prediction is looking bullish once again. Therefore, I am still confident about a retest of the 52-week high, around $0.92. However, the invalidation of this bullish outlook will be a daily closure below $0.53.
This post was last modified on Nov 10, 2023, 21:11 GMT 21:11