XRP Price Prediction: Could a Temporary Dip Propel the Price to $25?

The post XRP Price Prediction: Could a Temporary Dip Propel the Price to $25? appeared first on Coinpedia Fintech News

Ripple’s XRP has recently experienced a surge. This increase has allowed XRP to break out of previously bearish patterns and achieve new highs, particularly on the shorter time frames. The coin saw an impressive 8% increase, reaching $0.61. This surge happened alongside a Golden Cross formation on the price chart and a broader recovery in the cryptocurrency market. At the time of writing, XRP is trading at $0.60 and is up by more than four percent in the last 24 hours. 

As expected, XRP rallied and reached an upper resistance area, which had previously been a key level where the price dipped. However, XRP managed to break through this resistance, indicating a possible continuation of its upward trajectory.  The broader cryptocurrency market, including Bitcoin, is also showing signs of potential exhaustion, which could impact XRP’s price movement. 

Analyst Cheeky Crypto said that XRP might encounter resistance around the 60-62 cents range. Looking ahead, while there is potential for XRP to climb further, the analyst warns that downward pressure might soon emerge. They are particularly vigilant for a possible decline to around 51 cents before XRP might see another upward movement. 

Specifically, the analyst is watching for a close below the swing low of a hammer candlestick pattern. If this occurs, a short trade could be considered with a stop loss set above the swing high and a target around the 50 EMA or 50 SMA, which is currently at 58 cents. 

Armando Pantoja wrote on X, “Me calling for a $25 $XRP isn’t speculation… it’s solid technical analysis. Fibonacci retracement levels + recent price action, it’s clear $XRP has strong momentum. If the market conditions align + we see a breakout past key resistance levels, $25 is just the beginning.”