Analysts are bullish about Ripple (XRP), with current projections putting the coin at $1 before New Year’s. Technical indicators are looking sharp too with Relative Strength Index (RSI) edging higher than expected. Although headwinds still persist, bullish momentum on XRP appears highly likely. The question remains how far can we ride the wave? Nonetheless, here are some important pointers:
Ripple (XRP) has already tested the $0.8390 resistance with an upside breakout very feasible
The coin could surge to $1 in just days as RSI ticks higher than expected
The biggest hurdle will be to break the 200-day Simple Moving Average (SMA) of $0.95.
Data Source: Tradingview.com
Ripple (XRP) – price analysis and prediction
Buoyed by increased tailwinds, XRP has managed to weather the volatility storm in the wider crypto market over the last few weeks. The coin has traded between $0.78 and $0.84. However, we see increased buying volume of late, with RSI edging higher.
Although some headwinds in the crypto market could increase upside risks, a breakout above $1 is feasible. Some analysts in fact see this happening in a matter of days, with optimistic projections putting XRP at $2 before year’s end.
But we don’t think the rally will be that huge. In fact, technical indicators show that XRP is bound to face massive resistance around $1.09 if indeed, it breaks above the $1 mark. It will also not be a surprise if bulls lock in their profits at $1, something that could trigger a mini sell-off.
Should you buy Ripple (XRP) now?
There is a lot of expected volatility around XRP right now. Although short-term traders can ride the bull run and exit at $1, long-term bets remain highly uncertain due to wide headwinds in the crypto market. But XRP may be worth a look in once we enter 2022.