XRP at $50?
As it holds key support levels, Ripple Labs' cryptocurrency XRP may break out. XRP is at $0.5307, up 0.50% in 24 hours.
The cryptocurrency has a $29.89 billion market value and $488.37 million 24-hour trading volume, ranking #7.
With 56.33 billion XRP coins in circulation, speculators are monitoring for price changes.
Analyst Amonyx Expects XRP to $50
Big forecast from crypto researcher Amonyx has shook the market. Recently, Amonyx tweeted:
Traders and investors debated this claim. Over 9,300% would be gained if the price rose to $50.
This prediction may sound optimistic, but technical signs show that XRP might rise significantly if major resistance levels are broken.
Key Levels and Indicators of Technical Analysis
XRP bounced off a key support level at $0.5145. While the market is volatile, this pricing point is solid.
The double bottom at $0.5450, which earlier indicated upward momentum, is key barrier for XRP.
Immediate Resistance: $0.5450; 50-day EMA: $0.5470.
Immediate Support: $0.5145
$0.4928 and $0.4735 Next Support Levels
The pivot: $0.5300
The RSI is 43, approaching oversold. An RSI below 30 indicates an asset is oversold and may rise in price. However, the present reading predicts additional fall before a turnaround.
The $0.5470 50-day EMA is a major resistance level. A closure above this level may signal a positive turn. Bearishness may linger until XRP breaks above immediate resistance and the 50-day EMA.
Expert Opinions
Market experts disagree on XRP's short-term prospects. Some expect large gains, while others warn that failure to break above critical resistance levels might lead to more falls.
Amonyx's $50 XRP projection is disputed by various analysts. However, the expert believes the technical situation favors significant gains.
Last: Cautious optimism
Recent XRP price activity implies cautious optimism. The cryptocurrency must surpass $0.5450 resistance and the 50-day EMA at $0.5470 to confirm a bullish turnaround. Traders and investors should watch these levels.
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