XRP price shows strong bullish action, retesting support at $0.560.
Ethereum-compatible smart contracts expansion on XRP ledger boosts functionality.
Price targets: potential rise to $0.690 or drop to $0.4880, depending on market sentiment.
Ripple’s XRP has embarked on a notable upward trajectory since the week’s commencement, signaling a resurgence in buying sentiment within the cryptocurrency market. This positive price action coincides with a significant technological development: the expansion of Ethereum-compatible smart contracts to the XRP ledger.
This enhancement promises to unlock new possibilities for developers, granting access to foundational components and potentially catalyzing increased adoption through the creation of novel decentralized finance (DeFi) applications.
XRP retesting crucial support
The altcoin’s recent performance has been marked by a price jump, successfully retesting a crucial support trendline below the $0.560 level. XRP has been trading within a consolidated range between $0.560 and $0.630, reflecting a cautiously optimistic market sentiment.
However, a broader analysis of XRP’s price pattern since February suggests the potential for a more significant bullish reversal in the coming weeks, with the possibility of a breakout rally targeting the $0.690 resistance level.
The Relative Strength Index (RSI) is approaching its neutral point, with its average trendline suggesting a positive crossover. These technical signals collectively point towards the likelihood of continued price appreciation in the short term.
Looking ahead, XRP’s price trajectory could unfold in two primary scenarios. In a bearish reversal, XRP might retest the $0.560 support level, with the potential to slide further towards $0.4880 if negative sentiment intensifies.
Conversely, a continuation of the current bullish trend could see the coin challenging the $0.630 resistance level. A successful breach of this threshold could pave the way for a push towards $0.690, a level not seen since March 2024.
