With the token’s continued stagnation, the market is awaiting whether or not Ripple still has a chance to reach $1 at some point this year. Such an increase would require the crypto to increase by nearly 70%. Although that feat is certainly expensive, would it be insurmountable?
The greatest benefit Ripple has currently is the positive sentiment it’s embracing. The network is set to release its very own RLUSD stablecoin. With that asset class surging, and Ripple’s already thorough cross-border payment proficiency, it could form the perfect storm for its native token.
Also Read: Weekend Price Prediction For Dogecoin (Doge) & Ripple (XRP)- Sept 29, 2024
Can Ripple Still Hit $1? XRP Looks to Cimb 70% To Hit the Mark
Entering 2024, Ripple was a crypto that had immense potential. The asset had faced a difficult time increasing in value amid its ongoing legal battle with the US Securities and Exchange Commission (SEC). Yet, the anticipation of the end of that court case led many to believe XRP was in for quite the increase.
Yet, the settlement didn’t bring the spark many hoped. Now, the market is wondering if that price increase will ever truly come. Specifically, the market is anxiously observing if Ripple can still climb the 70% it needs to reach $1 this year.
Over the last 30 days, it has fallen almost 1% in value, according to CoinMarketCap. Moreover, its 0.21% gain in the last seven days shows it is truly stuck in a period of consolidation. It is below $0.60, and has been for quite some time.
Also Read: Why Is XRP Down Today? Is A Correction Or Ascent In Sight For Ripple?
Currently, the 50-day exponential moving average (EMA) is looking to be a key support, not the price chart. This notes that the altcoin could be facing increased bullish sentiment. Moreover, the Relative Strength Index (RSI), a key indicator of where the market is leaning, is looking to make a positive crossover on the one-day chart.
All eyes are currently on the upper resistance level for XRP at $0.630. If it is able to surpass the mark, then it would target an increase to the next upper high at $0.69. This changes if it can’t break through that upper resistance. In that case, the token would likely drop to a support at $0.560.
The token does have a sentiment on its side. If Ripple can continue establishing its global impact, it could find interest. Therefore, it could be set to drive past that upper level. Yet, if the market is uninterested in its stablecoin offering, it could get difficult for the asset to make the necessary headway to target $1.