Watch Price XRP Coin Target Spotlight

Altcoins rallied as Bitcoin revisited the $24,000 level again. XRP coin is no exception. Many cryptocurrencies are up more than 10% in the past 2 days, making investors laugh. The cumulative value of crypto once again surpassed the $1.1 trillion threshold. So what is the price outlook for XRP?

Ripple (Ripple)

If Bitcoin continues at the $24,500 level, many altcoins may break out of the resistance zone. XRP price is also approaching the resistance zone. Expectations that the Fed will not take a tough stance are growing stronger with today’s U.S. PPI data out. XRP price has been trading inside a long-term symmetrical triangle for 9 months. The support line has remained so far. While the triangle is considered a neutral pattern, the movement within it tells us that an uptrend for Ripple could begin.

The main reason is the formation of two bullish hammer candles on January 2 and March 12 respectively. The former sparked a significant uptrend, and the latter could do the same. So where is the XRP Coin price expected target area?

XRP Price Prediction

If we see a quick recovery in price, the $0.46 area seems like a reasonable target in the short term. On the other hand, a break above the support line of the triangle will lead to a sharp price drop towards $0.30. A bullish divergence forming in the daily RSI supports an upside breakout. Technical analysis of the six-hour short-term chart shows that the XRP token price is trading in a descending parallel channel. Such channels often contain corrective structures, which means that a breakout of the channel is possible. This is in line with readings on the daily time frame. The fact that the price is at the top of the channel makes a breakout more likely.

All in all, the most likely XRP price prediction is 0.3 bearish, a breakout from the long-term triangle and loss of the support area in the opposite case of a rise to $0.46. Ripple, which is highly correlated to Bitcoin, needs to keep an eye on the 24,500 level on the BTC front.

Disclaimer: The information contained herein does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore risky and should base their trades on their own research.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Fatih Uçar, without permission, may not be reproduced

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