- XRP testing key resistance at $0.60; success could lead to gains.
- XRP recently hit $0.65 but fell due to market sentiment and Bitcoin’s drop.
- The analyst predicts a potential rise to $0.70-$1.30, with a 100% gain possible.
- Analysts highlight ideal entry between $0.57 and $0.50.
XRP is pointing to promising signs of a potential breakout. The token currently tests an important monthly resistance level at $0.60, which has usually been highly resistant. A successful breakout would propel the token past several resistance points, potentially yielding expansive gains for investors.
Recently, it was able to hit $0.65, showcasing its excellent upward momentum. This rally was short-lived as the token’s price started falling back. The pullback was mainly caused by the general market sentiment, especially due to the recent fall of Bitcoin. Its decline sent ripples across the markets, instilling fear and causing a sell-off in altcoins, including XRP.
At the moment, the price of the token is $0.574576, having a trading volume within the past 24 hours of $15.08 billion, its market capitalization at $31.85 billion. Over the last 24 hours, the token has been down by 0.29%, and it remains one of the most closely watched assets as many investors bet on a potential breakout.
Analyst Eyes XRP $0.70 to $1.30 Range, 100% Gains Possible
Renowned cryptocurrency analyst Crypto Cobra has just shared an optimistic forecast for the future price movement of XRP. Crypto Cobra asserted that the XRPUSDT forms strong bullish signals on a monthly timeframe, indicating a strong upward trend in the near future.
Crypto Cobra defines the ideal buying zone for the token between $0.57 and $0.50. This will become an attractive entry point as investors rush to rally their potential gains with the cryptocurrency set for a big move.
The analyst portrays a series of ambitious target prices for XRP: $0.70, $0.88, $0.95, $1.07, $1.18, and $1.30. There is a big move up indicated by these targets, and the token could reach as high as $1.30 from current levels.
The token is currently testing a key monthly resistance zone around the $0.60 level. Crypto Cobra believes that if XRP can break above this resistance, it could trigger a powerful rally, propelling the price toward the $0.90 to $1.20 range. This could mean a 100% rise from here, giving enormous returns to investors who position themselves appropriately.
The current dynamics of the market, paired with the extremely bullish outlook of Crypto Cobra, offer a compelling narrative for XRP’s potential rise. While the cryptocurrency tests key resistance levels, the market watchers are keenly observing the price action with expectations of a breakout to impressive gains.
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