Market
Can Ripple (XRP) Price Successfully Breakout and Reach $0.60?
Ripple (XRP) price investors anticipate gains, but this would only come if they act according to their expectations.
By the looks of it, they have been for most parts, but whether it is enough to trigger a rally is the question.
Ripple Investors Move Ahead
XRP price has shown considerable influence from whale investors in the past, and the same is expected going forward. The addresses holding between 1 million and 10 million XRP have accumulated over 100 million XRP in the last week.
This $52 million worth of supply pushed Ripple whales’ holding up from $3.63 billion to $3.73 billion. The surge nearly impacted the price immediately; however, a much stronger impact could occur gradually.
Historically, whale accumulation has resulted in rallies and selling in declines so that the XRP price could shoot up.
Furthermore, the altcoin is receiving considerable support from retail investors. This is evident in the asset’s funding rate, which has been rising consistently since mid-April.
The funding rate is a periodic payment exchanged between buyers and sellers in perpetual futures contracts to keep the contract price close to the underlying asset’s price. It helps maintain the balance between long and short positions in the market.
A positive funding rate suggests long contracts dominate the market instead of short ones and vice versa.
Read More: Everything You Need To Know About Ripple vs SEC
Thus, it is clear that XRP holders are anticipating a price rise since they are betting on it.
XRP Price Prediction: Awaiting a Breakout
XRP price is trading at $0.52 and is moving up in an ascending triangle pattern. An ascending triangle pattern is a bullish chart formation characterized by a horizontal resistance line and a rising support line. This pattern indicates potential upward price movement, awaiting a breakout above the resistance level.
Per the pattern, the XRP price could note a 12% rise when it reaches the target of $0.61. However, to make it there, the altcoin would need to secure the 23.6% Fibonacci retracement line as support.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
Also known as the bear market support floor, XRP can recover as long as it keeps above it.
However, if it loses this support, a drawdown could send the altcoin falling to $0.50. A decline below this price would not only invalidate the bullish thesis but also push the XRP price to a two-month low of $0.47.
Disclaimer
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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