An expert in XRP suggests that as the market outlook brightens, Ripple price may surge to $0.66
XRP Price Shows Signs of Potential Uptrend
Breaking Resistance Levels
The price of XRP, a popular cryptocurrency, is showing signs of a potential uptrend. It has recently broken key resistance levels on the daily chart, which is a positive sign for investors. Crypto analysts are optimistic about XRP’s future and believe that it could reach $0.66 in the near term, as long as it stays above the support level of $0.50.
Release of XRP Tokens
At the beginning of October, Ripple, the company behind XRP, released one billion XRP tokens from its escrow account. This move led to a slight price recovery, from $0.51 to $0.52. However, for the price to continue increasing, XRP needs to remain above the important support level of $0.50 this week.
Potential Breakout
According to a crypto analyst named Dark Defender, XRP’s price has triggered a breakout from its ongoing consolidation. The last time this happened was in July, when the price of XRP increased by 80%. This rally was a result of Ripple’s partial victory against the US Securities and Exchange Commission (SEC). If history repeats itself, XRP could be preparing for another upswing. Dark Defender believes that $0.66 is the next level to watch for this week, but it will only be achieved if XRP doesn’t drop below $0.50.
October Price Action
October is known for strong price action in the cryptocurrency market after a relatively quiet third quarter. A recent report by crypto asset trading firm QCP Capital suggests that Bitcoin is set for a strong month, which could positively impact other cryptocurrencies like XRP. This means that XRP could benefit from the overall market sentiment in the near future.
Positive Signs
In addition to the potential breakout, XRP finished September with a doji candlestick pattern. This pattern indicates a balance between buying and selling pressure and suggests a potential reversal from the recent downward trend. According to Dark Defender, this is a positive sign that XRP’s price might increase to $0.66.
New Feature for XRP Ledger
Ripple recently introduced a new feature called ‘Clawback’ to the XRP Ledger. This feature could be another positive catalyst for XRP. It enhances control over tokens issued on the XRP Ledger, which could increase confidence in the native currency.
In conclusion, XRP’s price is showing promising signs of a potential uptrend. Breaking resistance levels, positive market sentiment, and new features for the XRP Ledger all contribute to the optimism surrounding XRP’s future. However, it is important for XRP to maintain support above $0.50 to sustain its price increase.