Sohrab Khawas
The post XRP Price Alert: Is $0.60 the Lowest We’ll See in 2024? appeared first on Coinpedia Fintech News
Amid the top altcoins and Bitcoin taking a pullback, the XRP price is losing the weekend gains. Failing to surpass the $0.65 mark, XRP is slipping back to $0.60.
Will XRP pullback result in a drop to the psychological mark of $0.50? Or, is the $0.60 retest the lowest price you can buy XRP for the rest of 2024? Learn more in Coinpedia’s XRP price analysis below.
Retest Phase For XRP Hits Demand Spot
In the past 24 hours, the XRP to price has dropped by 4.28% and is currently trading at $0.62. The market cap of the XRP token has slipped down to $35 billion, and the ongoing pullback warns of a prolonged correction.
With a bearish engulfing candle formed yesterday, altcoin is losing the weekend gains. However, the optimistic eye finds the pullback as a retest of the broken long-coming trendline.
Currently, the XRP price fails to uphold dominance at the $0.62 supply zone but forms a bullish candle. Marking a comeback, the intraday gain of 1.64% teases a post-retest reversal.
Technical Indicators:
MACD: The MACD and signal lines reveal a bullish comeback as the positive histograms are resurfacing.
EMA: The 50, 100, and 200-day EMAs maintain a bullish alignment. The rising EMAs are ready to provide dynamic support.
Will XRP Price Hit $1?
The bullish breakout of the $0.62 supply zone will increase the chances of a bull run beyond the 61.80% Fibonacci level. Further, the 100% Fib level at $0.81 stands as the next crucial target for the potential breakout rally.
However, with a broader market anticipation of a bull run in October and the SEC appeal deadline inching closer on October 7, the optimism in XRP will increase. In such a case, the $1 mark is a potential target for 2024.
Wondering how far the XRP price could shoot in the long run? Read our Ripple (XRP) Price Prediction.
