Will it hit a new 52-week high?
With a strong bullish recovery, the price of XRP added 6.83% to the portfolio in 24 hours. Moreover, the Ripple token is trading at a 38.89% discount from the $3.84 ATH recorded on January 04, 2018. In particular, it has increased by more than 300% in 30 days.
Given the current market sentiment, let's look for potential short-term options for the 04th largest cryptocurrency by market capitalization.
XRP price records increased price volatility!
Ripple price has experienced a strong bullish recovery after 2 consecutive days of negative trading. In addition, with a market value of 134.55 billion dollars, this altcoin currently ranks 04.
The Moving Average Convergence Divergence (MACD) shows a rising red histogram, with the averages showing bearish convergence in the daily time frame. This indicates increased selling pressure for altcoins in the crypto space.
On the other hand, the Simple Moving Average (SMA) records a negative curve on the XRP price chart, which indicates a negative outlook for the altcoin in the near future.
Will XRP price reach $3?
If the bulls regain their momentum, the XRP coin price will retest the $2.50 resistance level. Holding the price above that level could push this altcoin's price to a new 52-week high this month.
On the flip side, if the bears gain strength, the Ripple token may drop to the $2.25 support level. If the bulls fail to recover by then, it could drop to the $2 lows.
To find out when Ripple price will hit a new ATH. Read CoinPedia's XRP price forecast. Also, subscribe to us to keep up with the latest MyRiptop news!
Questions to be asked
In order for Ripple Coin to achieve this price target, it needs a price increase of 753.38% in the valuation.
With a change of +6.12% during the day, the Ripple token is currently worth $2.3436.
If the bullishness continues, this altcoin could reach a maximum price of ~$4.00.
