XRP has been on a strong positive trajectory in recent weeks. Analysts expect the token to maintain its bullish momentum and enter a major breakout.
The currency has gained 23.41% value in 24 hours and is trading at around 1.39 dollars at the time of writing. Its 7-day growth shows a 70% hike, while its monthly performance shows a 161% jump.
Its major resistance level is placed at 1.41 dollars, after which the token is expected to surge immensely. However, a minor dip would mean XRP can face short-term resistance around 1.150 and 1.180 dollars.
Despite the downside correction, XRP has held key support levels in the past few days. A breakout could open the path for gains across the 1.5-dollar mark.
The RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) indicators suggest that the bullish trend will continue as long as XRP stays above 1.1 dollars. However, a drop from 1.15 dollars would mean XRP can face consolidation or a retracement.
Despite the surge, XRP has underperformed compared to major assets, such as Ethereum and Bitcoin. It has led some analysts to speculate that the currency is gearing up to play catch-up.
BTC and ETH have crossed resistance levels, while XRP is merely testing the limits. A performance like the market leaders could see XRP aiming for its all-time highs. The overall sentiment remains bullish for the crypto market, helping most assets surge in value.
That is why even institutional investors closely follow price prediction of XRP. Ripple’s legal feud with the SEC is also impacting market sentiment as well. A favorable outcome for XRP can spark a huge rally.
The increased interest coupled with positive sentiment around the crypto market, can offer the necessary catalyst for Ripple to break higher.
