Ripple is currently the talk of the cryptocurrency community, with many differing opinions floating around. Some think that it is the best, some do not see the value of the currency, and some do not care for it. However, these opinions may soon be united.
As it stands, Ripple’s XRP is primed for an amazing rally. The cryptocurrency has continued trading at the $0.60 range despite going through a tumultuous weekend session.
As the situation stands, just like how Bitcoin is now, the XRP token is currently in a consolidation phase. But predictions say that the currency will reach the highly coveted tipping point and trade for $1.00. And this can happen very soon, say analysts.
These analysts continued and said that XRP’s value is hovering around the $0.60 range right now. The coin is inching upwards and, in order to pass the $0.65 mark hurdle, has to first settle to a greater upward moving average and sustain it. From there, XRP bulls will need to square up to reach the mythical $1.00 mark, but they first need to push past the $0.70 and $0.75 marks, respectively.
That same 4-hour timeframe’s Relative Strength Index, or RSI, makes it apparent that the current seller has the high ground. Should the sellers maintain their activities and the moving average of XRP persists, XRP could have a considerable breakdown. But this is not very likely.
This is because of the other key factor that can help XRP break pasts the fabled $1.00 mark, the XRP and USD pairing compatibility. These two will need to hold well above the Bollinger Bands’ boundary to avoid significant losses and refresh the 100 SMA at a desirable price range.
But if this boundary were to breakdown, it will be another reason for concern. Should this happen, all the progress that XRP has made since falling beneath the $0.45 will be irrelevant. But, since the 200 SMA stands ready to take some of the selling price in the market, the chances of XRP getting a correction might not drop the value of the token as much as it possibly could.
Another factor that can help Ripple XRP break the $1.00 mark is Bitcoin’s bull run that has pushed it and other cryptocurrencies to new heights. As chaotic as 2020 was, the Pandemic has pulled the value and interest on these tokens by leaps and bounds. This upward growth is set to continue as more and more investors see the value in these tokens, which is especially true for the XRP.
