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Here Is Why Ripple’s XRP Is Thriving – Crypto News

Published

1 year ago

May 31, 2024

Dripp

XRP price prediction: The cryptocurrency market is steadily buoyed by Bitcoin (BTC) as it hovered at evaluated cliffs, slightly below the previous all-time high. Altcoins are moving sideways in the wake of a brief rally triggered by the approval of spot Ethereum ETFs. XRP holds above the crucial $0.52 support on Friday amid increasing signs of an inbound bullish move.

Market factors are strong for Bitcoin and altcoins. The approval of Ethereum ETFs raised the stakes for XRP and Solana to receive similar products in the future.

A turnaround in net Bitcoin ETF inflows has sparked a fresh interest in the leading cryptocurrency. In addition, the European Union is making impressive steps toward regulating the crypto market under its Markets in Crypto-Assets (MiCA) framework.

XRP Price Prediction: Is This A Good Time To Buy XRP?

XRP stands out as the eighth largest cryptocurrency, with a market cap of $28 billion. With a green candle established on the four-hour chart, this could be a good chance for traders to seek exposure to longs ahead of a larger move up.

The Relative Strength Index (RSI) in the same time frame is starting to reinforce the bullish grip with potential. Should the RSI cross above the descending trend line and close the gap to the midline in the neutral area, the path of least resistance would uphold the uptrend.

XRP price prediction chart | Tradingview

Two levels could shape the future outlook of the cross-border money remittance token—the green band support at $0.51 and the red band resistance at $0.53. XRP continues to oscillate in the narrow zone, implying little to no bearish or bullish bias.

The increasing four-hour candle shows that buyers have the upper hand. However, for XRP to establish a sustainable uptrend, all three exponential moving averages (EMAs) must flip to provide support.

Such a move would ensure that the short-term death crosses are canceled in favor of incoming golden cross patterns. Above the red band, traders must brace for more resistance from the descending trendline around $0.54. XRP price failed to cross this level last week, leading to the current sideways action.

XRP Price Prediction: Here Is Why XRP Thriving

The most important levels in the daily range moved to $0.56 and $0.5, respectively. XRP still holds below the 20-day, 50-day, and 200-day EMAs, a bearish signal.

However, the Moving Average Convergence Divergence (MACD) dons a bullish signal likely to encourage traders to consider buying XRP. A major rally would erupt if resistance at $0.56 is broken, paving the way for a smooth path to $1.