Be sure to buy XRP below 40 cents… Here’s why!
The crypto market is finally moving upwards. Many cryptocurrencies have already gained more than 50% in the last 2 weeks like Ether and MATIC. Ripple, however, still did not break out properly, with prices remaining below the strong $0.40 resistance. Will the price of XRP soon increase? In this XRP price prediction article, we analyze the potential uptrend of XRP, so stick around 😉
What is Ripple XRP?
The digital currency known as XRP on the XRP ledger gives financial service providers instant liquidity. It also functions as a “bridging currency”, simplifying cross-border transactions. At the current price, the transaction fee for XRP is 0.00001 XRP, or 10 drops, or less than one cent. Payments businesses can use XRP to enter niche markets, settle payments faster, and save money on exchange. An international and independent community oversees the open source XRP Ledger, of which Ripple is a part.
Is XRP ending its previous consolidation?
XRP price crashed hard with the crypto market. Its prices have consolidated around major price zones during its downtrend. The last 2 consolidations were first between $0.38 and $0.40 while the second was wider, between $0.30 and $0.38. In Figure 1 below, we can clearly see how prices started the last phase of consolidation when they broke through the $0.38 mark.
Now that the market is recovering, XRP prices have risen from $0.30 and reached a current price of $0.36. It’s been over 20% in the last 2 weeks. However, there is plenty of room for growth as other alts have seen increases of over 50% like MATIC.
XRP Price Prediction – Will XRP Price Rise Soon?
Now that the market is rising, XRP should be able to break the resistance price of $0.38. Once this is done, and if prices continue above the $0.40 price, XRP should grow to reach the first target of $0.60. This goal is important because in February 2022, this area represented strong support.
The other scenario would be XRP failing to break above $0.40. In this case, we might see prices falling back towards the $0.34 price mark. However, with the current dynamics of the crypto market, this scenario is not likely.
you might also like