The post XRP Price Gain Momentum, Targeting $1 by November End? appeared first on Coinpedia Fintech News
Ripple’s XRP token has emerged as the top performer among major cryptocurrencies this week, surging by over 21%.
After a challenging period in August, XRP price traded within a range of $0.4422 to $0.5412 for nearly two months. However, the market has now regained momentum, breaking through resistance levels.
The token broke through the $0.6398 resistance level and went on to surpass key levels like $0.67 and $0.7, marking a significant bullish trend since early August.
While there was a minor correction of around 3%, the price remains close to the $0.7 level and is expected to retest it, though the outcome is uncertain.
Source: J_Bauwens (TradingView)
The Relative Strength Index (RSI) shows a sharp increase, indicating substantial buying and selling pressure. Averages suggest a continued bullish trend, implying the price will likely rise in the coming days.
The Impact of SEC’s Decision
The recent dismissal of charges against Ripple Labs’ top executives by the SEC has drawn significant attention to XRP. While the price briefly touched $0.7, a bearish pullback occurred.
What Lies Ahead for XRP Price?
According to Fibonacci levels, the next major milestone for XRP is $0.94481. If the bulls can push the price to that level, it may test the $1 mark, with an upper level of $1.0675 expected in the first half of the following year.
Furthermore, if a strong bullish sentiment prevails, especially around the time of the next Bitcoin halving event, XRP might aim to reach its November 2021 high of $1.255.
Overall, XRP is displaying strong bullish potential, with the possibility of reaching $1 and even surpassing it in the near future.