XRP Price Consolidates at Key Resistance; Potential Breakout?

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XRP Price Consolidates at Key Resistance; Potential Breakout?

  • The daily network transactions have hovered around $1 million for the last 12 months.
  • The price is testing the recent barrier at $0.64 at the time of writing.

Since Ripple’s significant partial victory against the U.S SEC coincided with the exchanges relisting the currency, XRP’s value and adoption have increased. It would seem that the victory against the SEC has had no lasting effect since the prices have lost about 35% of the initial gains they made.

According to the XRPSCAN’s on-chain statistics, the daily network transactions have hovered around $1 million for the last 12 months. This suggests that the basic state of the token has not changed. The price of XRP is looking positive amid today’s increase, as the price is testing the recent barrier at $0.64 at the time of writing. 

XRP Price Chart (Source: CoinMarketCap)

Potential Breakout Likely

After successfully breaching above the $0.61, XRP’s price has continued to consolidate around the $0.64 mark. There is a probability of a short increase to the $0.65 range if the bulls can maintain the momentum. Moreover, if the price successfully manages to break and hold above the $0.64 level, then it can start moving toward the $0.7 mark. However, a potential breakout in either direction is expected in the near future.

On the other hand, if it fails to break the $0.64 barrier and hold above it, the price might start a severe downtrend, going all the way up to the $0.61 level.

There is a clear probability of further increases to $0.7 and $1 if the bull dominates and XRP overcomes resistance first at $0.64, followed by $0.66. Moreover, until the price of XRP breaks above the falling trendline on the four-hour chart, which coincides with the 200-day Exponential Moving Average (EMA) at $0.6484, traders wanting long exposure may wish to wait. According to CMC (NS: CMC ), the price of XRP at the time of writing is $0.6424 and is up 4.40% in the last 24 hours.

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