The cryptocurrency market seems like it’s back on track. Most crypto prices soared in the past 7 days and increased by more than 20% on average in value. This buying power affected also Ripple’s XRP price, as its value jumped by 60% in less than 1 month. The SEC battle is coming close to an end hopefully by the end of this year or the beginning of the next one. Afterwards, prices are expected to reach back to their previous all-time high. For now though, traders and investors are eyeing the 1$ price mark for XRP, as it represents a strong psychological price target. Will XRP reach USD 1 soon?
XRP Prices were bound for a Meteoric Rise
In our previous article, we analyzed the price of XRP and advised to buy XRP while the price was around 50 cents. We did encourage this move as we anticipated higher prices going forward, and set two targets. The first target was the USD 0.80 as it represented a strong consolidation area previously, whereas the second target was the psychological price of USD 1.
After the previous crypto crash that happened, XRP prices fell and consolidated around the USD 0.50 price. This consolidation lasted for about a month, before prices picked back up. In figure 1, we can see this consolidation in action, and how prices are currently on an uptrend.
XRP Price Prediction – Can XRP reach USD 1?
Looking at how prices are rising currently, we cannot but expect prices of XRP to reach USD 1. This anticipation comes with technical and fundamental backings of course. From a fundamental perspective, Ripple company is advancing in the SEC lawsuit and will either settle (like what happened with other projects) or win the case. So far, it’s looking very good for the company.
From a technical aspect, prices are showing a healthy uptrend that came after an extended consolidation. This is always a good indicator to look at when placing a swing trade. The USD 0.70 breach confirmed the uptrend, and the 1$ price is not inevitable.
The Crypto market at a Glance
In the past 7 days, all cryptocurrencies are on the green side. AMP and Siacoin are currently adjusting lower after their impressive gains from the week before with -15% and -9% respectively. On the other hand, Voyager Token, Ravencoin, and Internet Computer are the top gainers for this week, with gains of +50%, +42%, and 37%.
1- Bitcoin (BTC) : + 6.65 %
2- Ether (ETH) : + 20.09 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): + 2.92 %
5- Cardano (ADA) : + 6.91 %
6- Ripple (XRP) : + 5.41 %
7- Dogecoin (DOGE) : + 23.69 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): + 10.94 %
10- Binance USD (BUSD) : + 0 %
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Rudy Fares