The post Ripple (XRP) Price To Hit $1, with Unlock of Smart Contracts? appeared first on Coinpedia Fintech News
The XRP price has recorded a strong bullish action since the week started. This highlights an increase in the buying sentiment for the altcoin in the cryptocurrency market.
Moreover, the expansion of Ethereum-compatible smart contracts to the XRP ledger has resulted in its price experiencing increased action. Notably, this will enable developers to access its foundational components. Further, it will boost Ripple’s functionality and adoption to build new DeFi applications.
Scroll down as, in this write-up, we have uncovered the market/social sentiments, price analysis, and possible targets of the Ripple (XRP) crypto token for September.
XRP Crypto Hints A Potential Bullish Break-Out?
With a jump of approximately 5%, the Ripple price has successfully retested its crucial support trendline below the $0.560 level. Notably, the XRP token has traded within a consolidated range between $0.560 and $0.630 for a brief period. This highlights a weak bullish sentiment for the altcoin in the crypto space.
TradingView: XRP/USDT
However, analyzing the price pattern since February, this altcoin displays a high possibility of a bullish reversal during the upcoming weeks. Moreover, a breakout rally could push the XRP coin price toward its upper resistance level of $0.690.
Ripple Market Sentiments
The Simple Moving Average (SMA) is on the verge of recording a bullish convergence in the 1D time frame. This indicates increased buying-over-selling pressure for the Ripple crypto in the market.
Further, the RSI indicator is on the path of breaching its neutral point. Further, its average trendline highlights a positive crossover in the XRP price chart. This suggests that the price may continue gaining value this week.
Will XRP Price Hit $0.690 This September?
Suppose, a bearish reversal occurs, this could result in the price of Ripple retesting its important support level of $0.560. Furthermore, if the bearish sentiment intensifies, the altcoin could plunge toward its crucial low of $0.4880 this month.
On a bullish note, if the market continues to favor the bulls, the XRP crypto price will head toward its resistance level of $0.630. Maintaining the price at that level could set the stage for it to push its price toward its upper high of $0.690 for the first time since March 2024.