Ripple’s native token XRP despite being trending in a very narrow region for the past month, is foreseen to break the upper barriers soon. The price may gain some additional momentum to rally towards teh set target in the coming days.
XRP price is one of the most talked-about topics in the crypto space, which is believed to be much undervalued. However, the upcoming price movements may aid the XRP bull run which may propel the price above $5 soon. A popular analyst and XRP proponent CryptoBull2020 predict the price to hit $6 by mid of August 2020.
As per the chart posted by the analyst, the price movements seem to be following a pattern. The price initiates the weekly trade being on the higher end and drops suddenly. Later after a strong consolidation propels to the next levels. Considering the pattern, the analyst predicts the price may hit around $6 by mid of August 2021.
Also Read: XRP Price Hangs Above Crucial Support Levels, $5 Appears Imminent!
XRP Price Analysis
XRP price since the mid-may crash maintained a low-key trend and failed to sustain above the resistance levels around $1.06. Moreover, the start of the current trading month was quite bearish. The price, no doubt reattempted to surge above $1, yet failed to do so.
With the fresh slump, the price remained below the key levels and initiated plunging by 10cents every couple of days. Currently, it is attempting hard to sustain above $0.7 levels where the bears have overpowered the crypto space.
As seen in the above chart, the price has sustained above the support levels, despite the constant plunge. Therefore, if the price sustains the current downtrend, then a huge uptrend may be fast approaching.
The XRP price at the press time is $0.7068 with a drop of 11.57% in the last 24 hours. Currently, the indicators also point out towards a bearish trend as the RSI levels have dropped below 20. The MACD line and the signal line are also moving towards the south parallelly and hence does not showcase a buy signal.
Technical Specifications
- The resistance levels are at $0.935
- The support levels are at $0.56
- Indicators point out towards a sell signal
Also Read: Ripple Vs SEC : Ripple Gets a Setback in Lawsuit Against SEC
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Source: https://coinpedia.org/price-analysis/xrp-price-to-surge-by-mid-august/
