Ripple has initiated a bullish momentum after being subject to a downside trend line for quite some time. The early rally in XRP prices against the USD saw XRP price rise to a new opening high of $0.6212 before a downward trend connected the early bullish trend to settle at a $0.5984 low, leaving the major resistance levels and support levels untested for the early trading hours, today.
Later on, XRP began to rally on to move through today’s high of $0.6237, before correction. At the time of this writing, the price of the XRP/USD pair was at $0.643, in the green zone. At this point, XRP had tested the major resistance level which it failed to test at the early trading hours, at $0.6434. XRP recovered from an early low to strike an early high at 0.62449 and to hold the support level of $0.62 to rally forward for the second half of the last 24 hours.
XRP moved past $0.628, form this as support for the bull run that offered support for the run towards the day’s first major resistance level at 0.6313, leading up to the next major resistance level for XRP/USD at $0.6402, followed by a retracement level at $0.6434.
Currently, XRP has a market capitalization of $25.21 billion, with a total of $322.5 million worth of XRP traded in the last 24 hours. If XRP continues on their bullish trend, the XRP/USD trading pair is expected to rise above $0.67 and higher, depending on the number of XRP buyers who appear to drive up the volume traded at this point. On the downside, XRP could drop below the $0.61 level and attract losses to investors.
The momentum of XRP is increasing as the cryptocurrency market enters the second quarter of 2018. Recently, the CEO of one of Japans largest financial institutions, SBI Group CEO and President Yoshitaka Kitao, predicted that Ripple could soon trade at $10. Kitao has been bullish on the future of XRP since his firm partnered with Ripple in the launch of a cryptocurrency exchange. Considering the fact that XRP has a proven product solving a real-world problem, this could only mean that Ripple should be in the tens, according to Kitao.
If we considered the past performance of Ripple (XRP) in 2017, were the value of XRP went up by 28,000%, and replicate this to the current value of XRP at $0.64, the result is a price of approximately $180.