XRP prepares for a double-digit price rally, and targets a key resistance level of $0.6602.
Technical indicators point at bullish potential in XRPLedger’s native token.
XRP price is $0.5872 on Saturday.
Ripple (XRP) trades at $0.5872 at the time of writing. XRP Ledger’s native token is likely poised for gains as the payment remittance firm prepares for its stablecoin Ripple USD (RUSD) launch.
Post the Securities & Exchange Commission (SEC) lawsuit against Ripple ended, the regulator has made no steps for an appeal. XRP holders keep their eyes peeled for the next steps.
XRP likely to gain 12%
XRP has attempted to break out of its downward trend nearly three times since August. The altcoin could extend gains by 12.44% and target the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823.
XRP faces resistance in the Fair Value Gap (FVG) between $0.5464 and $0.6217. The Moving Average Convergence Divergence (MACD), a momentum indicator shows green histogram bars above the neutral line. This means there is an underlying positive momentum in XRP price trend.
The MACD line crossed above the signal line, another sign of positive momentum in XRP price trend.
XRP/USDT daily chart
XRP could find support in the FVG between $0.5188 and $0.5715. This is an imbalance zone on the daily time frame. If XRP sweep liquidity in this zone, it could attempt a recovery to test resistance at $0.6310, the August 24 top for the altcoin.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
