TL;DR
- XRP price has been volatile, recently settling around $0.57 after a significant decline and partial recovery.
- Analysts are predicting a possible breakout, with some targeting a short-term rise to $0.65.
What could be next for XRP?
The last few weeks have been more than turbulent for Ripple’s XRP. Its price was trading well above $0.60 at the beginning of the month before collapsing to $0.43 on August 5 (amid the general collapse of the cryptocurrency market) which happened on (that day).
Three days later, however, XRP resumed its rally, surging above $0.63 following a major development in Ripple’s lawsuit against the SEC. Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws, a sum representing a 94% reduction from the regulator’s initial demand of $2 billion.
XRP failed keep the momentum, and in the following days it is retraced below $0.60. Currently, it is trading around $0.57 (by CoinGecko (data), an increase of 25% over a two-week period.
Some analysts remain optimistic about the possibility of a new resurgence of the virus. Crypto Rover – a user X with over 800,000 followers – claimed that XRP is “gearing up for a huge breakout.” He based this on THE forecast on the potential crossing of the asset’s upward and downward trend lines. The meeting point is usually the precursor to violent movement in any direction.
CRYPTOWZRD also gave his opinion, argue that the XRP chart remains “broadly positive.” The analyst expects a short-term rally to the $0.65 resistance level, which could later to be followed by additional upward pressure.
What does the RSI suggest?
The Relative Strength Index (RSI) is an important indicator that helps assess the price movement and speed of XRP. It ranges from 0 to 100 and indicates whether the token is overbought or oversold.
A ratio above 70 indicates that XRP is in overbought territory, meaning a price correction could be on the cards. Currently, the RSI is around 60, surpassing the above-mentioned area only once in the last 20 days.
It is worth noting that the ratio fell below 20 in early July, when the price of XRP was hovering around $0.39. Shortly after, the asset saw a strong rally, ending the month at nearly $0.66.
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