Ripple (XRP) price looks set to rally soon after its weak performance in recent weeks, especially with large investors (whales) returning to the currency. Ripple’s price has fallen by 2% in the past 24 hours to $0.574, affected by the cryptocurrency market’s losses of 3% after a strong performance at the end of last week. Despite the decline, XRP, the seventh-largest cryptocurrency, is still gaining 8% in a week, 1.5% in the past month, and 15% compared to the past year.

While these numbers are not exceptional, they put the coin on track for additional gains in the coming months. With the first of three expected rate cuts approaching, XRP’s price is expected to start rising more steadily.

Technical Analysis: Can XRP Price Reach $1?

XRP saw a recovery at the end of last week, trying to surpass the resistance level currently located below $0.60. Although the price has not been able to break this level yet, technical indicators are showing a potential upside soon. The Relative Strength Index (RSI) has risen from 25 to above 45, indicating a potential bullish momentum.

XRP price is also up 0.5% in the last hour, adding to optimism that trading activity has increased to $1 billion in the past 24 hours, compared to $750 million overnight. This is in addition to the whales buying back the coin at discounted prices, which supports expectations of a significant price increase soon, especially if the Federal Reserve cuts interest rates as expected.

The forecast suggests that the XRP price could reach $0.60 by the end of the week, and possibly rise to $0.70 by November. In the long term, the outlook looks very positive thanks to Ripple’s efforts to expand its reach and partnerships in the international remittance space.