Ripple XRP had a rough week last week, seeing its price drop below $0.50. In turn, XRP Whales saw the dip as a buying opportunity, swooping up plenty of the coin as it decreased in price. However, some analysts have been optimistic over the past week that XRP will rebound back over that six-month low. In particular, new predictions are coming in that a retest of the current resistance level of XRP will see it jump back over $0.60 to $0.68.
According to a breakdown of XRP’s potential retest by market strategist Dark Defender, XRP has had 3 consecutive candles close above $0.5286 in a 4-hour Time Frame. In turn, XRP may be preparing for a rebound, and $0.6649 is the key figure to trigger a rebound surge. Dark Defender highlights a low price point of $0.486 and a high price of $0.6239 as important numbers for XRP shortly, and a break over $0.6239.
In the past month, the performance of Ripple XRP has been lackluster, and holders are looking for any bright spots for the token. While this development seems bullish, it’s important to note that XRP is a long way from its numbers in the latter months of 2023. To reach Dark Defender’s projection, XRP would need to rally by 20% in the coming weeks.
Also Read: Ripple XRP Eyeing 3400% Rally to $18.22: Predicts Analyst
Price Predictions For Ripple XRP Remain Bearish, But Rally Is Possible
Other predictions are very contrasting to Dark Defender, seeing XRP remain bearish and even falling further. However, the cryptocurrency market seems to be recovering from the selloff in late January. Bitcoin (BTC) has jumped over $50,000, with other projects following its upward trajectory. Ripple’s XRP token is also witnessing a rally, albeit less than other tokens.
To test $0.68, a trend towards and surpassing $0.6649 will be very important. Currently, XRP is trading at 0.53.