Will XRP Price Hit $0.60 But Struggle to Stay There?
The post Will XRP Price Hit $0.60 But Struggle to Stay There? appeared on BitcoinEthereumNews.com.
XRP has recorded a significant 14% rise over the past week, pushing the cryptocurrency closer to the crucial $0.60 level. Historically, XRP has faced difficulty maintaining momentum above this mark. While the recent rally shows promise for further gains, it’s unclear if XRP can sustain this upward trend. Its ability to hold above key resistance levels will determine whether this momentum can continue. XRP Is Bound for a Breach The Relative Strength Index (RSI), a widely used momentum indicator, shows strong bullish momentum for the XRP price. Currently sitting at a month-and-a-half high, the RSI suggests that the cryptocurrency has enough strength to continue its rise. A higher RSI often signals increased buying pressure. As long as the RSI remains elevated, buyers will be driving the market, potentially helping XRP maintain its upward trajectory. However, sustained growth above the $0.60 mark will depend on continued support and broader market conditions, especially as XRP approaches this critical resistance level once again. Read more: XRP ETF Explained: What It Is and How It Works XRP RSI. Source: TradingView Furthermore, XRP’s macro momentum is also showing signs of improvement, particularly with the Sharpe Ratio turning positive. The Sharpe Ratio is an indicator that measures the potential risk-adjusted returns of an asset. A positive Sharpe Ratio suggests that the reward of buying XRP outweighs the risks, making it an attractive option for investors at the moment. This bullish signal could provide the necessary fuel for XRP to push higher. With the Sharpe Ratio in positive territory, the market conditions seem favorable for buying, which could, in turn, drive XRP’s price up. XRP Sharpe Ratio. Source: TradingView XRP Price Prediction: One Resistance at a Time XRP price’s recent 14% rise has brought the cryptocurrency to $0.58, a level just shy of the crucial $0.60 mark. The altcoin is…
Filed under: News - @ September 15, 2024 8:16 pm