XRP Price Forecast: Will the $0.60 Rally Last?

XRP is struggling to sustain its bullish momentum above the key $0.60 level, which is close to the 50% Fibonacci retracement level. Despite several attempts, the altcoin is facing strong resistance at the moment, casting doubt on the sustainability of any further upside.

The Ichimoku Cloud is currently flashing bullish signals for XRP, below the candles, suggesting a potential short-term upside. This gives the altcoin a glimmer of hope to reclaim the $0.60 level. However, the overall market sentiment remains volatile, with the overall sentiment tilted towards the downside.

Since mid-June, XRP’s bullish momentum has been largely negative, as evidenced by the consistently declining funding rate. Traders are largely expecting the price to continue falling, which could thwart any attempts to build a long-term bullish momentum.

Currently trading at $0.58, XRP is eyeing another rally to break the $0.60 mark. While a short-term bounce above this level is possible, strong bearish pressure could quickly reverse any gains.

A drop to $0.55 (38.2% Fibonacci retracement level) could bring a slight recovery, but the real challenge lies in flipping $0.60 into support. If successful, XRP could target $0.65, invalidating the current downtrend and opening the door for further gains.

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