Huge Breakout in the Cards for Ripple (XRP) Price: Analyst

TL;DR

• XRP’s price has been volatile, recently settling around $0.57 after a significant drop and partial recovery.
• Analysts predict a possible breakout, with some targeting a short-term rise to $0.65.

What Could Be Next for XRP?

The past several weeks have been more than turbulent for Ripple’s XRP. Its price was trading well above $0.60 at the start of the month before crashing to as low as $0.43 on August 5 (amid the overall crypto market collapse which happened on that day).

Three days later, though, XRP headed north again, surpassing $0.63 following a major development in the Ripple v SEC lawsuit. Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws, a sum representing a 94% deduction compared to the regulator’s initial request of $2 billion.

XRP could not keep the momentum, and in the following days, it retraced below $0.60. Currently, it trades at around $0.57 (per CoinGecko’s data), a 25% increase on a two-week scale.

XRP Price, Source: CoinGecko

Some analysts remain optimistic that a fresh resurgence could be in the cards. Crypto Rover – an X user with over 800,000 followers – claimed that XRP is “gearing up for a huge breakout.” He based the forecast on the potential cross of the asset’s upside and downside trendlines. The meeting point is usually a precursor of a violent move in any direction. 

CRYPTOWZRD also gave their two cents, arguing that XRP’s chart remains “overall positive.” The analyst expects a short-term rally to the resistance level of $0.65, which could later be followed by further upside pressure.

What is the RSI Suggesting?

One important metric that gauges XRP’s price change and speed is the Relative Strength Index (RSI). It varies from 0 to 100 and shows whether the token is overbought or oversold.

A ratio above 70 hints that XRP is in overbought territory, meaning a price correction could be in the cards. Currently, the RSI stands at around 60, surpassing the aforementioned zone only once in the past 20 days.

It is worth noting that the ratio plunged below 20 at the start of July when XRP’s price was hovering at around $0.39. Shortly after, the asset experienced a substantial resurgence, finishing the month at almost $0.66.

The post Huge Breakout in the Cards for Ripple (XRP) Price: Analyst appeared first on CryptoPotato.