Ripple token is among the most discussed in the cryptocurrency world. XRP’s price is slowly increasing. With the recent revelations about the SEC’s case, the price for XRP will be closely monitored.
According to notable analysts, the current scrutiny on XRP’s price has compelled them to offer relevant price forecasts. Even though XRP is adapting at a slower rate during the bull season, it may reach $1 soon as the sentiment of the community towards this token remains healthy and strong.
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The Ripple $1 Journey: Can XRP Break the $1 mark?
Per Egrag Crypto is a prominent cryptocurrency analyst who shared XRP’s candlestick chart on X. The chart shows that the token is forming a candlestick. “double bottom pattern,” The market is showing a bullish trend.
Double bottom patterns are bullish in the trading world. The double bottom pattern is seen at the bottom end of a downward trend and indicates that the sellers, who had been in charge of the market until this point, are now losing their momentum. It may cause the token to adapt organically to the price increase.
Ripple Technical Analysis
Ripple’s $1 journey can be achieved, however it is not without its obstacles. Coinpedia reports that XRP currently faces price pressure of $0.50. If XRP is able to continue to trade at the pace of the current market, XRP may be able break through it.
“The weekly chart reveals that the recent dip in Ripple’s price tests bullish forces’ resilience at the critical support level of $0.50. If the buyers successfully counter the prevailing selling pressure, Ripple could significantly recover, enhancing the likelihood of a breakout.”
Similarly, Coinpedia Ripple could reach $1.6 before the end of 2020. If the market permits, XRP’s bullish streak may touch the $2.24 mark as the highest possible range for 2024, while its lowest price value may average around the $1.6–$1.9 price range.
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“A pivotal moment will be the breach of the $1 mark; surpassing this level could substantially increase the probability of the price reaching the $2.23 potential high. Conversely, if the bearish trend persists and the price falls below $1.60, it may signal a prolonged breakdown phase.”
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Source: watcher.guru