The cryptocurrency community is abuzz with the news of an impending price increase for Ripple's $XRP token. Many experts are predicting that the value of XRP will reach new heights by the end of September.
According to CoinMarketCap's price estimate feature, 1,200 users predicted that $XRP would increase massively to $0.4917 at the end of the year. This means they predict a 51.3% boost from its current price of $0.324.
Ripple's XRP token has seen a small price increase of 0.52% in the past 24 hours. This follows a week of largely sideways trading action in which the cryptocurrency found support at around $0.30 and resistance at $0.32.
XRP seems to hint at a bullish breakout, but it's near an important support level, so there could also be some declines ahead. The key lesson to take away from this is that investors should wait for double confirmation before they invest their money.
XRP has been on quite the roll recently, reaching $0.37 earlier this week before dropping back to its current level. The high came as XRP processed three large transactions worth $51 million, one a major exchange and another two smaller ones.
XRP token is currently trading at $0.324, up 0.52% in the last 24 hours. The cryptocurrency has a market capitalization of $16.5 billion and is ranked seventh on CoinMarketCap's list of the largest digital currencies.
The XRP price has been producing higher lows and equal highs since June 10. This connection using trend lines results in an ascending triangle formation.
The technical formation forecast calls for a 25% upswing, determined by adding the distance between the first swing high and low to break out at $0.381 per share in price action. The current XRP price is hovering around the bottom of an ambitious pattern that has not given any discernable bullish hints except for one forming triangle.
The $0.340 support is a key resistance level for investors waiting to see if the price will turn lower or higher since it's currently at an equilibrium point between supply and demand on both sides of this barrier. A move below this level could trigger more selling pressure as stop-loss orders are likely to be placed below recent lows. On the other hand, a move above $0.340 could lead to a breakout that tests resistance at $0.350 and lead to $0.381.
The market is waiting for a daily candlestick close above this barrier to reveal whether it will enter an ascending triangle breakout which forecasts 25% more run-up before reaching $0.477. The current market optimism surrounding Ripple is understandable and bankable. Still, investors don't have any confirmation yet to start accumulating the price at $0.332, even though it logically makes sense. If the price of Bitcoin tumbles, it's likely that remittance tokens will follow suit.
So, watch out for a BTC move before taking any action. This is an excellent time to watch Ripple and see how the community's predictions play out. It will be interesting to see if the price of $XRP increases massively by the end of September as predicted.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)