Bitcoin price again below 58,000 USD, first sign of life for XRP
While the cryptocurrency Bitcoin (BTC) continues to trade below the 60,000 USD mark and is in a sideways phase, the majority of the top 100 altcoins are also gaining in price this week. After a long period of weakness, the crypto veteran Ripple (XRP) is currently making its way up towards its high for the year.
After a temporary price setback, many altcoins such as Harmony (ONE) or the Theta Token (THETA) are back on track and can Crypto Bank generate new all-time highs. The price of Ripple (XRP) can also increasingly recover. As soon as the cryptocurrency Bitcoin breaks through its previous all-time high, there should also be a further price breakout on the overall market. In particular, the foreseeable approval of Bitcoin ETFs in the USA will have a positive impact on demand and acceptance of the cryptocurrency asset class
Price analysis based on the value pair XRP/USD on Bitfinex
After weeks of uncertainty, the price of Ripple is slowly able to recover somewhat and is setting its sights on targets on the upside. At the time of this analysis, the XRP price is trading above the important resistance zone between 0.54 USD and 0.57 USD. If this zone can be overcome on the daily closing price, the zone around USD 0.60 will come into the focus of investors
If the XRP price can stabilise above USD 0.51 and promptly break through USD 0.57 on the daily closing price, an initial rise to USD 0.60 is likely. If this chart mark is also overcome, a march through to USD 0.65 can be planned. If there is no significant setback at this price level and Ripple stabilises above it, the resistance at USD 0.69 will come into view. A direct rise to the high for the year at USD 0.75 would also be conceivable. One reason for the positive development in recent days is the news about the SEC complaint.
The Ripple lawyers could achieve a first partial success. If the bulls also manage to sustainably break through the high from November 2020 at USD 0.78, the XRP price should continue to gain momentum. A dynamic rise towards USD 0.96 cannot be ruled out. A rise to the 138 Fibonacci extension of the current movement at USD 1.01 would also be conceivable. If the positive sentiment continues, new price targets will be activated at USD 1.08 and in particular in the area of the red resistance zone. This results from the 161 Fibonacci extension and the important high from February 2018. For the time being, the red resistance zone should be seen as the maximum price target. The uncertainties surrounding the decision of the current SEC lawsuit are still too strong. A result is probably not to be expected until September 2021 at the earliest.