XRP Hits Yearly High with Robinhood Listing: Price Surges to $0.75
XRP saw a significant price increase after being listed on the Robinhood platform, which led to XRP reaching its all-time high of $0.75 in 2023. This rally has the potential to push XRP to higher price levels by the end of the year, but increasing selling pressure could push the price down to $0.66.
Robinhood Effect: Rising Demand for XRP
Ripple’s XRP token has seen a notable price increase after it became available for trading on popular trading platform Robinhood on Wednesday, November 15. Robinhood has expanded its crypto trading section to include XRP and several altcoins on its platform, and has also begun relisting coins like Solana (SOL) and Cardano (ADA) that were removed from the platform last year due to regulatory reasons.
This listing increased buyer demand for XRP, pushing its price to $0.75. However, there was a 7% correction after this peak. Nevertheless, interest and bullishness in XRP continues. Currently, XRP is trading at $0.70, indicating a strong bullish trend.
Strong Bullish Signals with XRP’s Ichimoku Cloud and Chaikin Money Flow
XRP is currently trading above the Ichimoku Cloud. The Ichimoku Cloud is a technical analysis indicator that tracks the trend direction and momentum of an asset. When the price of XRP is trading above the cloud, it indicates that buyers have established dominance in the market and the uptrend may continue.
BeInCrypto’s daily chart for XRP/USD marks the first time this rally has been above the cloud in over a month. Furthermore, the Ichimoku indicator’s Conversion Line (blue) and Base Line (red) are both above the cloud and moving upwards, indicating a strong uptrend.
In addition, the Chaikin Money Flow (CMF) indicator confirms that demand for XRP is increasing. The CMF value is currently at 0.28, indicating that buying pressure among investors is stronger than selling. This suggests that the rise in the XRP price is supported by real demand and not just speculation.
XRP Price Prediction: Targeting $0.80
XRP is currently trading at $0.70, just below the $0.72 level. If demand continues to increase, XRP could surpass this resistance level and retest $0.75. A successful break above $0.75 could take XRP towards $0.80, which was last seen in July 2023.
However, increasing selling pressure could reverse this bullish trend. If the support levels fail to hold, the XRP price could drop to $0.59. Traders can monitor the future movements of XRP and evaluate potential buying and selling opportunities.