XRP’s Price Will Soon Break the $0.60 Barrier, Predicts Trader

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XRP’s Price Will Soon Break the $0.60 Barrier, Predicts Trader
  • 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.

4-hour chart for XRP/USD (Source: TradingView)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.