Thursday, April 18, 2024

Ripple Price: Potential for 50% Surge Based on Technical Analysis.

The price of Ripple (XRP) has crossed over a significant barrier and is now trading near a support floor after a tight 250-day consolidation. Investors should anticipate a significant upswing in XRP, much like numerous meme coins have experienced, when this range settles. The best example is Shiba Inu coin (SHIB), which recently surged by almost 350% following a multi-month stabilisation.

Like a meme coin, ripple prices are expected to spike.

Ripple prices have remained trapped in a narrow consolidation range for over 250 days. Two significant results of this development are the conversion of the $0.586 resistance level into a support floor and the breakout over a declining trend line.

The fact that the price of ripple is still above $0.586 suggests that another range formation is underway. The weekly Relative Strength Index (RSI), which indicates that buyers are still in charge, has bounced back after momentarily falling below the mean level of 50. The Awesome Oscillator (AO), which indicates that the bullish momentum is in control, is hovering above the zero mark.

These technical outlooks suggest that the price of Ripple is about to explode to $0.920, or 50% above its present level of $0.617.

Although every indication suggests that Ripple’s price is likely to rise, investors should exercise caution over the price of Bitcoin. Cryptocurrencies are likely to drop in value along with Bitcoin if it keeps falling to $59,000.

The price of Ripple might then plunge 22% to $0.481, the next significant support level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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