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Why Ripple (XRP) Price May Reach $0.7 Again Soon

Why Ripple (XRP) Price May Reach $0.7 Again Soon
  • Ripple (XRP) price may reach $0.7 soon.
  • XRP has been in a consolidation period for quite some time.
  • However, XRP may have a chance to reach new all-time highs in the near future.

Despite such an unimpressive run last January, Ripple’s native cryptocurrency XRP may showcase a comeback in the near future. In fact, XRP already reached $0.7 last February 1, even though it had to retrace back to $0.39.

Will XRP Reach Over $0.7 Soon?

XRP is the fourth largest cryptocurrency in terms of market capitalization. At the time of writing, the XRP price is trading at $0.393043, according to CoinGecko. However, this has been its solid support level for a long time now.

XRP 4-hour chart (source: TradingView)

As the chart shows, XRP is currently trading sideways after pumping its price to $0.7. For those who may not yet be aware, this is due to traders from the WallStreetBets subreddit who have been pumping crypto and stock prices. As soon as XRP pumped to $0.7, many traders started to dump their XRP for short-term profit.

Hence, the price has retraced to $0.39, and has been consolidating for a time now.

However, XRP was previously trading from $0.20 to $0.30 before the pump. If this was only a typical pump-and-dump scenario, XRP would have returned to $0.20 or lower. Contrarily, this doesn’t seem to be the case.

This shows that there are traders who are holding XRP at the $0.39 level. If another event explodes soon, XRP may join Bitcoin and other altcoins in their rally.

If XRP continues to gain more support in the next few days, it may solidify its footing and attack the $0.7 resistance. However, if the bears maintain their stance, then XRP may lose its ground at the $0.39 level and retrace even lower.

As of now, we have yet to see obvious bullish or bearish indicators to determine whether XRP will go to the moon or not.

Read Also: Ripple (XRP) Price Analysis and Price Prediction 2021

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.