The post XRP Price To Explode: Could Breakout Push XRP To $0.58, Analyst Weighs In! appeared first on Coinpedia Fintech News
Ripple’s XRP has faced a tough two weeks, with its price sliding by 7% and hitting a local low of around $0.54. However, recent developments suggest that XRP might be on the verge of a major turnaround. Meanwhile, prominent crypto analysts are eyeing a potential breakout that could push XRP’s price up to $0.589, sparking a new bullish rally.
XRP’s Key Breakout Targets $0.5850
According to The Moon, a well-known Bitcoin investor, XRP’s latest move has broken through a descending resistance line on the 3-day price chart. This is seen as a strong bullish signal. When a cryptocurrency breaks through such resistance, it often indicates that it could continue rising.
The recent breakout suggests that XRP might be gearing up for further gains. Perhaps, the next key resistance level is set at $0.5850. If XRP maintains its current trajectory, it could reach this target soon.
Ecohing a bullish stance analyst Javon Marks adds to the optimism by drawing parallels between XRP’s recent performance and the 2017-2018 period, which began the significant bull run. Meanwhile, Marks suggests that XRP might be on the brink of another major surge not seen in the past 6-7 years.
Ripple To Introduce Smart Contracts On XRPL
In other exciting news, Ripple has announced plans to introduce smart contracts to the XRP Ledger mainnet. Such upgradation aims to enhance the platform’s capabilities and attract more developers to the ecosystem.
The addition of smart contracts will allow developers to create customized applications using XRPL’s foundational features, such as escrows, NFTs, and decentralized exchanges.
However, Ripple President Monica Long has highlighted these advancements as a major step in boosting blockchain utility and appealing to institutional investors.
Additionally, Futureverse, an AI and metaverse tech company, has partnered with Ripple Custody to securely manage its assets, further expanding Ripple’s influence.
What To Expect Next?
As of now, XRP is trading at $0.57, holding above a crucial support level at the daily 200 moving average (MA) of $0.565. This level is crucial for maintaining bullish momentum. If XRP can stay above this support, it might signal a recovery.
However, if the price falls below $0.5650 or $0.5550, it could enter a bearish phase, with initial support at $0.5440 and a major support level at $0.5320.
Also Read: Nexo Resumes Client Registrations In UK After 10 Months Break