Ripple Price Analysis: A Bull Run That Can Push XRP to $1

Brad Garlinghouse, Ripple (XRP) CEO, spoke about the momentum of Ripple during a recent interview, where he expressed optimism on future XRP price. At the time of this writing, Ripple was in the red zone valued at 0.61 against the USD. In the last 24 hours, XRP/USD has formed a solid base near $0.54. In later hours, XRP showed great recovery against the US dollar, positioning itself well above $0.60, then $0.616, and it looks like XRP is poised for more gains as the day goes. Ripple bounced back sharply from $0.54 leaving many analysts to predict a looming bull run that could push XRP to $1 against USD.

The XRP/USD pair broke a significant bearish trend at $0.59 and later found support near $0.54 and $0.544 levels. The pair traded as low as $0.5449 today, and later it began an upward trend. This movement in the chart was marked by solid bullish candles above $0.55 suggesting a reversal in the trend that had characterized the XRP price since yesterday through to early trading hours today. The price moved past the $0.58 resistance into the bullish zone. The pair settled at $0.60 pivot level and later opened up to more gains to a high of $0.6394 from a low of $0.5449.

There is a proper break and close above $0.62, and many believe that XRP could gain against USD towards the $0.65 level. Above $0.65, the next major hurdle for XRP/USD will be $0.68. However, given the current bullish market sentiments, this milestone seems achievable. On the downside, XRP could fall to the $0.60 support level which is quite decent given the price dropped to $0.54. The previous resistance level of $0.58 could end up acting as crucial support for XRP/USD pair. The overall price action is positive but this could change the price could fall below $0.58. In the short term, XRP/USD should target $0.65 level.

On May 31st, 2017, XRP/USD pair opened the trading day at $0.2054 and closed the day at $0.2466 XRP broke support levels to gain momentum to a high of $0.2477 against the USD. However, the pair also had a downward trend that made the pair lose to a low of $0.1939. At this time, XRP had a market capitalization of just $7.86 billion, which is a third of its current market capitalization of $23.67 billion. However, this is astronomically low from the time when XRP was priced at $3.36 against the USD, leading to the market capitalization of $130 billion.

At this months end, many are bullish on the future performance of XRP in the month that follows due to the various announcements and successive stages. Ripple’s CEO talked about signing 20 production contracts during an interview with CNBC. Ripple also announced a partnership with Kuwait’s largest bank, which joined RippleNet and will be using Ripple’s xCurrent for cross-border payments. As XRP continue to find more and more utility within the financial sector, XRP price will rise in the long run against the USD.

Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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