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Kriptoteka > Market > Altcoins > Can XRP Maintain Its Momentum Above $0.60 After Recent Surge?
Altcoins

Can XRP Maintain Its Momentum Above $0.60 After Recent Surge?

marcel.mihalic@gmail.com
Last updated: September 16, 2024 4:18 am
By marcel.mihalic@gmail.com 4 Min Read
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XRP has experienced a notable increase of 14% over the last week, bringing the cryptocurrency closer to the pivotal $0.60 threshold. Historically, XRP has struggled to maintain its momentum above this level.

The current uptick indicates potential for further growth, but it remains uncertain whether XRP can sustain this positive trend. Its success in staying above critical resistance levels will play a pivotal role in determining whether this trajectory can be upheld.

XRP Is Set for a Breakthrough

The Relative Strength Index (RSI), a prominent momentum indicator, indicates strong bullish momentum for XRP’s price. Currently at a month-and-a-half peak, the RSI implies that the cryptocurrency has sufficient strength to continue its ascent. A higher RSI often points to increased buying pressure.

As long as the RSI remains high, buyers will likely push the market, possibly assisting XRP in maintaining its upward path. However, sustained growth above the $0.60 mark will rely on ongoing support and the broader market conditions, especially as XRP nears this essential resistance level again.

Read more: XRP ETF Explained: What It Is and How It Works

XRP RSI.
XRP RSI. Source: TradingView

Moreover, XRP’s macro momentum is also showing positive changes, especially with the Sharpe Ratio turning favorable. The Sharpe Ratio measures the potential risk-adjusted returns of an asset.

A positive Sharpe Ratio indicates that the benefits of investing in XRP surpass the risks, making it an appealing choice for investors at this time. This bullish signal could provide the essential support for XRP to rise further.

With the Sharpe Ratio in a positive range, market conditions seem conducive to buying, which could, in turn, elevate XRP’s price.

XRP Sharpe Ratio
XRP Sharpe Ratio. Source: TradingView

XRP Price Forecast: Overcoming Resistance Step by Step

The recent 14% increase in XRP price has brought it to $0.58, just below the vital $0.60 threshold. The altcoin is also approaching the 50% Fibonacci Retracement line, which aligns with this price level.

Breaking through this level could signal that XRP is ready for further increases, potentially reaching $0.70 in the near future. In the past, XRP has encountered difficulties sustaining momentum beyond $0.60, but current indicators suggest it might have a more favorable outlook this time.

If the cryptocurrency can turn $0.60 into a support level, a rally toward $0.70 could be in the works.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

However, if history is any indication, XRP might breach the $0.60 mark only to retreat again. A failure to hold above this level could lead to a decline, with prices potentially falling to $0.55. Such a scenario would challenge the current bullish outlook.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not serve as financial or investment advice. BeInCrypto is dedicated to providing accurate, unbiased reporting, but market conditions can change unexpectedly. Always perform your own research and consult a professional before making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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