XRP price prediction – Here are the odds on altcoin hitting $0.7 next

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    XRP’s volatility earlier this month has given way to stability over the past ten days
    Steady gains were encouraging, but market sentiment could deter XRP bulls

As a seasoned crypto investor with a knack for reading market trends, I’ve seen my fair share of ups and downs. The recent stability in XRP‘s volatility has been a breath of fresh air, but I must admit, it’s left me a bit on the edge of my seat.

Over the last ten days, XRP‘s price movement has been relatively sluggish, but it has managed to break through the $0.585 mid-range barrier. This suggests that the high points of the range where XRP has traded for over a year could potentially be the next aim in its price trajectory.

A fresh analysis indicates that the token appears to be a promising investment at current levels. Traders must decide whether to pursue higher gains or lock in profits as they approach the price extremes of the trading range.

The next bullish target is in sight

With the $0.585 mid-point surpassed, the next significant objective appears to be the $0.7 upper limit. Since last Friday, XRP has experienced an increase of approximately 9.9%. The daily Relative Strength Index (RSI) suggests a bullish trend, as it currently sits above 50.

Meanwhile, the $0.63 region has functioned as a barrier for price increases since mid-July. Moreover, Bitcoin‘s [BTC] own resistance levels can be found between $64k-$66k, with its current trading price standing at $64.1k as of press time.

As the OBV continued to climb, showing robust demand, the bulls could struggle to drive prices beyond $0.63 if the overall market sentiment shifts bearish within the next few days.

If the price is denied at the resistance level, it’s advisable for buyers to ensure that the price stays above the $0.585 support. This action could signal a potential buying opportunity for swing traders, who might then aim for the upper limits of the current price range.

Speculative sentiment is keenly bullish

As a crypto investor, I’ve noticed that XRP‘s price surge was mirrored by an increasing Open Interest. This combination suggests that futures traders are eagerly jumping on the bandwagon to buy (go long), indicating a bullish outlook. Moreover, the funding rate has been progressively becoming more optimistic as well.

Read Ripple’s [XRP] Price Prediction 2024-25

Ultimately, the decline in CVD seems to have leveled off, failing to surge further so far. However, this situation suggests potential for additional growth in XRP, though it remains uncertain whether there’s sufficient power to drive the price up to $0.7.

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2024-08-24 20:07