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Is $1 next for XRP after breaking $0.6 resistance?

Is $1 next for XRP after breaking $0.6 resistance?

Although the majority of assets in the cryptocurrency market are starting to slow down their previous gains, XRP is still charging ahead, having raced over 5% in the last 24 hours and finally crossing the critical psychological resistance level at $0.60 for the first time in months.

Indeed, the last time XRP was trading above this level was in the first half of August this year, before it suddenly took a dive on August 16 to below $0.50 and struggled to keep its head above it until the last couple of days when it started to make a strong upward push, as per the charts on November 1.

XRP price analysis

At press time, XRP was changing hands at the price of $0.6008, recording an increase of 5.08% on the day while other cryptocurrencies were taking it easy. At the same time, its current price represents an advance of 10.51% and 15.26% on XRP’s weekly and monthly charts, respectively.

XRP 24-hour price chart. Source: Finbold

It is also worth noting that whales got gradually more involved during the cryptocurrency’s latest comeback. Specifically, the XRP whale transactions exceeding $1 million in value have recently spiked to their three-month high in the second half of October, upon which the price raced over 25% in just 12 days.

On top of that, the number of ‘shark’ and ‘whale’ crypto wallets holding at least 10,000 of the XRP token has reached an all-time high (ATH) of 277,620, according to the information shared by the crypto analytics platform Santiment in an X post published on November 1.

XRP whale transactions and wallets. Source: Santiment

Elsewhere, the artificial intelligence (AI) algorithms used by the crypto monitoring and forecasting platform CoinCodex have predicted the price of XRP to continue rising in the next months, hitting a high of $1.696 on May 15, 2024. For the near future, they expect XRP to hit $0.80 on November 6 and remain in the $0.70 – $0.80 area until mid-December.

XRP one-year price prediction. Source: CoinCodex

Bullish indicators

Meanwhile, indicators suggest that XRP is in for more gains following the latest increase, as its Mean Coin Age recently reached a five-month high of 40.36, suggesting that the majority of long-term holders have not yet started moving their assets, which means they remain bullish.

XRP Mean Coin Age. Source: Santiment

Finally, the successes of blockchain company Ripple in the case against the United States Securities and Exchange Commission (SEC), as well as its landmark partnership with the crypto trading platform Uphold, might contribute to XRP’s further strengthening.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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