- KALEO, a trader and analyst, predicted that XRP would trade above $0.60 soon.
- Shortly after his post, the trader shared that XRP broke out of a key channel on the XRP/BTC chart.
- At press time, the remittance token’s price stood at $0.5329 following a 1.60% gain.
The crypto trader and analyst KALEO predicted in a tweet on Saturday that XRP price will soar to above $0.60 in the next few days. Shortly after making the post, he added an update to his XRP technical analysis, noting that XRP broke above a bullish channel on an XRP/BTC chart. As a result, the trader believes that XRP will continue to rise.
At press time, CoinMarketCap indicated that the remittance token’s price stood at $0.5329. This was after it had printed a 1.60% gain in the past 24 hours, which was a period that saw many cryptos’ prices drop. This positive price movement added to XRP’s already-positive weekly performance, boosting the total weekly gain to +10.92%.
The altcoin also strengthened against the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the last day. At press time, XRP was up 2.86% against BTC and 3.14% against ETH.
From a technical perspective, XRP’s price was able to flip the key resistance level at $0.52987 into support over the past 24 hours. There was some sell pressure present on XRP’s 4-hour chart, however, which may result in the crypto’s price dropping back below the recently-flipped level in the next 24-48 hours.
Despite this sell pressure, technical indicators on the 4-hour chart suggested that XRP’s price would maintain a position above the $0.52987 mark. The 9 EMA line on the 4-hour chart was trading above the 20 EMA line, which signaled that XRP’s price was in a short-term bullish cycle.
Furthermore, the RSI line on the 4-hour chart was on the verge of crossing bullishly above the RSI SMA line. Should this cross happen, XRP’s price may look to climb to the next resistance level at $0.547 in the next few days.
On the other hand, a break below $0.52987 will see XRP’s price falling to $0.52. Nevertheless, the bullish momentum currently present on XRP’s charts will result in its price entering into another leg up shortly after this potential drop.
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