Great ‘Buy’ Opportunity for Ripple’s XRP
The XRP price is the talk of the town since the asset rallied like a monster entering the top 3 cryptocurrency rankings. Moreover, a group even tried to pump the price but yet their victory remained short-lived as XRP failed to hit $1.
Nevertheless, the XRP regained the momentum and this time initiated a surge without any external factors and appeared to be poised to hit the target very soon. The asset is applying an interesting strategy of repeated consolidation and surge. However, the price is expected to undergo a small retracement around $0.5 or even below before a kick-off surge as per an analyst, ForecastCity_ME.
As per the chart put up by the analysts, the strong support levels are formed surrounding $0.5. Therefore a breakdown and enter the reverse zone which may lead the price to revisit the levels close to $0.44 or $0.41. On the other hand, the price breakout may swell the price to as high as $0.755.
The XRP price rally is expected to be unaffected by the annoying Ripple-SEC standoff. According to a new update, both the parties do not indicate any chances of settlement. And hence due to a strong XRP community, the XRP price is expected to hit $2 by the end of this month as predicted by a popular analyst, CryptoBull2020.
XRP Price Analysis
The previous trading day began with shedding the profits as the price dipped from $0.5866 to as low as $0.5342. The price kept dipping and broke the lower resistance levels at $0.5 in the early trading hours, yet currently recovering.
The price was expected to revisit the lower levels as it plunged below $0.5 yet renounced like a warrior. At present, the price is attempting very hard to maintain above the levels and accumulating a bullish momentum to get back to the previous levels.
At the time of writing, the XRP price is $0.5184 with a drop of nearly 8.82% in the last 24 hours despite a rally of nearly 5% in the past week.
- The resistance levels are formed at $0.5771
- The support levels are formed at $0.477
- The indicators for the XRP price point out towards a ‘buy’
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