The post XRP Price Eyes Breakout; Analysts Predict Surge to $0.589 appeared first on Coinpedia Fintech News
Ripple’s XRP has faced a rough two weeks, with its price sliding by 7% to a local low of around $0.54. However, recent developments suggest XRP might be nearing a significant recovery. Top crypto analysts are eyeing a potential breakout that could push XRP’s price to $0.589, igniting a new bullish rally.
Here’s everything you need to know.
Bullish Sign for XRP
The Moon, a well-known Bitcoin investor, highlights that XRP has recently broken through a descending resistance line on the 3-day price chart—a strong bullish signal. Breaking resistance often suggests that a cryptocurrency could continue to rise.
This breakout sets XRP up for further gains, with the next key resistance level at $0.5850. If XRP keeps its current path, it could soon hit this target.
Analyst Sees Parallels to Past Bull Runs
Analyst Javon Marks adds to the optimism by drawing comparisons between XRP’s current performance and the 2017-2018 period, which sparked a major bull run. Marks suggests that XRP might be on the verge of another significant surge not seen in the past 6-7 years.
Ripple To Introduce Smart Contracts On XRPL
In other exciting news, Ripple has announced plans to introduce smart contracts to the XRP Ledger mainnet. Such upgradation aims to enhance the platform’s capabilities and attract more developers to the ecosystem.
The addition of smart contracts will allow developers to create customized applications using XRPL’s foundational features, such as escrows, NFTs, and decentralized exchanges.
Ripple President Monica Long views these advancements as crucial steps in expanding blockchain utility and attracting institutional investors.
Additionally, Ripple has partnered with Futureverse, an AI and metaverse tech company, to manage assets through Ripple Custody, further strengthening its position in the blockchain space.
Current Price Levels to Watch
XRP is currently trading at $0.57, staying above a critical support level at the daily 200 moving average (MA) of $0.565. This level is vital for maintaining bullish momentum, and holding above it could signal a recovery.
However, if the price dips below $0.5650 or $0.5550, XRP could enter a bearish phase, with initial support at $0.5440 and a major support level at $0.5320.
XRP’s recent developments and technical indicators suggest it could be nearing a significant breakout. As the market closely watches, XRP’s ability to stay above key support levels will be crucial in determining its next move.
Also Read: Nexo Resumes Client Registrations In UK After 10 Months Break
Is XRP’s future bright or uncertain? Let’s hear your take.
