XRP is Up 13% in a Week – Is $1 Possible in August?
The price of XRP has risen by 1% in the past 24 hours, with its move to $0.5795 coming as the crypto market as a whole post a 3.5% return today.
XRP has now increased by 13% in a week, with the alt also up by 10% in the last 30 days.
Yet what’s interesting about XRP is that it remains down by 7.5% in the past year, with this underperformance arguably putting it in a position to make some very big gains in the next few months.
It may even begin a climb towards $1, a target which becomes likelier in the event of a Federal Reserve rate cut next month.
XRP’s chart is in much the same position it was in yesterday, which means that rises and fall are equally likely in the near term.
For example, its relative strength index (purple) is seesawing around the 50 level, with neither buyers nor sellers dominating right now.
Something similar is going on with 30-period moving average (orange), which is just above the 200-period average (blue), but which could easily slide downwards again in the next one or two days.
However, it remains encouraging to see the resistance (red) and support (green) levels beaming towards each other, close to creating a chokepoint that could bring a big move.
Big moves downwards may be just as likely as upwards, yet given that XRP is still in an oversold zone over the medium- and long-term, it’s credible to suggest that a rally may be coming.
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