- XRP Price Bounces Back With 15% increase in past 24 hours
- Support needs to hold at $0.64 for further consolidation and further gains
- Ripple’s XRP token is still down 60% from April high
After a torrid few days as all the cryptocurrency markets crashed to new lows, XRP seems to be bucking the trend. In fact several XRP price predictions are showing the next target to be at around the $0.748 mark although there needs to be some resistance barriers to be broken before that happens.
XRP price: next stop $0.748?
XRP began the day with a massive 15% price upswing to $0.63 after having settled at the $0.51 mark on June 22. This low price was a full 75% off its recent yearly high of $1.75 set just last April.
It has been a bitter few weeks for XRP hodlers who have seen the price of the asset descend considerably to new lows but there does seem to be a slight light at the end of the tunnel.
Ripple XRP progress to $0.90 needed to affirm recent lows as bottom
Although XRP has crashed another 40% from its May 22 level of $0.70, it has managed to reclaim the $0.64 level in a matter of hours. This price level has been determined as the current resistance level for XRP to continue its bullish trend. If this level holds, the XRP price is likely to go up to around the $0.78 level.
This represents a 30-40% rise from its recent low of $0.51 established yesterday. If this is rejected then XRP could spiral back to the $0.47 level where there appears to be good support.
Much depends on if XRP can hold the current price and maintain its last gains. If the bulls continue to prevail then it is likely that XRP will begin to test the $0.90 level in the next few weeks and it could possibly even go up to the $1.00 level. Progress in that direction would affirm the near-term at $0.51 low as the bottom.
An encouraging long-term factor is the number of active addresses with XRP wallets which rose by over 90% between June 19 and June 22. This is a sure-fire indication that retail investors are in the accumulation phase. That should mean that the price should rise.
On the negative side, the 365-day Market to Realized Value (MVRV) model has gone back to below zero after 138 days. Conversely, short-term traders seem to be selling so that allows the long-term holders to accumulate XRP.
Where next for the XRP Price?
The past couple of weeks have seen ever more bloodletting in the crypto markets. Billions of dollars have been wiped off market caps and XRP is no exception. For those who went in on the head of the 2017 boom, long term holders are still suffering.
The price of $3.50 seems a distant memory but if the bounce continues we should be seeing the $1.00 level sooner rather than later.
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Gerald Fenech
