Is XRP Breaking $1? Watch $0.6044 Resistance
XRP fell 1% in 24 hours to $0.5881 after reversing from $0.6044 barrier this morning.
XRP rises 2.5% every week but falls 3.5% per month, however it rises 15% per year.
Attempts to breach $0.60 resistance twice over the weekend imply a more persistent breakthrough.
Since the market has improved over the previous week, XRP may be entering a bull trend.
Is XRP Breaking $1? Watch $0.6044 Resistance.
XRP's indications are still positive, suggesting it will retest its resistance level in one or two days after dropping yesterday.
The purple relative strength indicator is increasing to 50 after falling to 35 yesterday night, indicating returning buyers.
At $1 billion, the coin's trading volume is solid, and its resistance (red) and support (green) levels are converging, suggesting a breakout.
XRP will likely break out whenever it breaks over $0.6044, which it hasn't done since August.
Another noteworthy development is that one whale bought 30 million XRP on Upbit this weekend.
This accumulation suggests that XRP might have a few good months after underperforming for most of the year.
However, with the Federal Reserve dropping rates last week and expected to reduce them again before New Year, the cryptocurrency market may turn positive around Christmas.
XRP might reach $0.70 by November and $1 by 2024 with Ripple's reinvigorated growth principles.
