XRP's price continued its upward momentum during the weekend, outperforming many other altcoins while Bitcoin remained in a consolidation phase below the $35,000 mark. The cross-border money remittance token witnessed a significant increase in market value, surging by 23% over the course of a week. This surge led XRP to achieve a three-month high of $0.73, marking its highest value since late July.
XRP Price Outlook: Can XRP Reach Beyond $1?
XRP's price has shown a remarkable 61.8% recovery from its lowest point in August, as indicated by Fibonacci retracement levels. This impressive performance suggests that the ongoing uptrend might face a potential pullback as traders contemplate securing their gains.
Nonetheless, the Moving Average Convergence Divergence (MACD) indicator indicates that XRP's momentum remains strong, suggesting that traders may continue riding the uptrend as long as the blue MACD line remains above the red signal line. Additionally, the presence of green histograms above the neutral zone further supports the bullish outlook.
Reinforcing the bullish sentiment is a golden cross pattern on the chart. With the 50-day Exponential Moving Average (EMA) crossing above the 100-day EMA, this pattern is likely to encourage traders and investors to maintain their positions in XRP, even in the face of potential pullbacks.
The next moves XRP makes will be pivotal in determining its future direction—whether it will strive to reach the $1 mark or undergo a period of consolidation and profit-taking before its next breakout.
In the event that XRP manages to break above the immediate resistance level at $0.75, which aligns with the 74.3% Fibonacci retracement level, traders are likely to support the uptrend with the expectation of further gains beyond $1.
Conversely, if XRP's price fails to overcome the immediate hurdle at $0.75, it could disrupt the prevailing uptrend, with traders potentially rushing to secure profits, thus adding selling pressure. Should XRP correct below the short-term support level at $0.7, it may signal the possibility of further losses, bringing into play the local support level at the 38.2% Fibonacci retracement around $0.61.
Whales Show Confidence in XRP
Sentiment, a blockchain data analytics platform, reported that wallets holding between 100,000 to 1 billion XRP tokens have been increasing their exposure to the remittance token. This increase in exposure indicates a strong show of confidence in XRP, with these large holders now maintaining their highest levels of XRP ownership in 2023.