Ripple is following the performance of altcoins this week and is making significant gains. After tumbling towards the end of last week, the coin now seems to be gaining and is now edging towards the coveted $1 mark.
In the past 24 hours, XRP has registered gains of 8.6%. At the time of writing, the token is trading at $0.686 on major exchanges.
XRP Price Analysis
Bitcoin started rising in recent days, and with its growth came a rise in the entire crypto market. XRP, one of the top ten altcoins, is also gaining huge because of this growth. However, even with the spike, XRP has not made any new highs and new lows and is trading at a level it has been recording in recent weeks.
XRP is still facing rejection at the $0.70 levels, which would mean significant gains for the Ripple token if it managed to climb over. Moving past $0.70 will enable XRP to record a new high at $0.8 and later $1. However, such an uptrend depends on the support garnered from the entire crypto market.
On the downside, Ripple may fail to hold its levels at $0.68 band retreat towards below $0.60. Such a retreat may be influenced by the broader cryptocurrency market or selloffs from investors going short with the recent uptrend. Despite the current bullish signals, going below the current values may show that XRP is still bearish.
Despite the position XRP decides to take in the short term, it is still a viable option for investors who want to go long. The token’s ATH past $1.7 may be reported again, especially if the firm’s case with the SEC ends.
The boom of XRP this year and its recovery since the crash has caught the attention of a major crypto analyst. Credible Crypto took to Twitter, stating that XRP might outperform bitcoin in terms of market gains. According to his tweet, the analyst provided a chart and illustrations depicting that XRP was “on a major historical support.”
Some calling for new lows on XRP/BTC. While it’s technically possible I think a reversal off this region makes more sense, considering XRP/USD is on major historical support. $XRP pic.twitter.com/JmYmw8Zpsf
— CrediBULL Crypto (@CredibleCrypto) June 25, 2021
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