The Ripple price has been struggling to recover for the past four weeks. At the time of writing, it inched 2.81% lower to $1.2046. Its total market capitalization currently stands at $57.2 billion. XRP ranks as the world’s sixth largest cryptocurrency, sandwiching it between Tether and Dogecoin.
Crypto Overall Performance
Ripple price has jumped more than 500% since the start of the year. The cryptocurrency’s total volume traded in the last 24 hours has jumped more than 30% to $5.6 billion. The coin has jumped more than 70% since the start of August.
The surge in Bitcoin’s price over the weekend sent digital currencies on an up run. The BTC price jumped past the psychological level at $50,000. However, the Bitcoin price has been consolidating below the $50k level for the past two days. The easing of Bitcoin’s rally dampened the bullish outlook in most digital assets due to their close correlation to the crypto leader.
However, analysts seem optimistic about the XRP price. The growing demand for the coin has boosted its price. On-chain data shows that the number of the coin’s large holders are still in their trades. The number of new holders is also rising.
XRP Price Prediction
The Ripple price has advanced more than 12% in the last seven days. It hit an intraday high of $1.2626 before pulling back further.
On the daily chart, it is trading above the 50 and 200-day moving average, indicating a bullish outlook. It is also trading above the 50-day exponential moving average, supporting the bullish trajectory further.
Therefore, I expect the XRP price to extend its positive trend further. If this happens, the bulls will be targeting the resistance at the $1.500 level. There is also a possibility that the coin will rise to its all-time high at $1.95. However, a move below the support at $0.5000 will invalidate this view.