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The price of XRP is waging a resistance war as it has maintained stability above $0.5038 in hopes of a resurgence in the coming weeks.
According to an analysis of the prospects of XRP brought by market analyst Dark Defender, the XRP chart on the 4H timeframe has seen a lot of activity lately.
He pointed out an observation that the coin has closed three consecutive candles above the $0.5286 price mark. This trend is a testament to the feasibility of a rebound for the condition if the right conditions are satisfied.
XRP to $0.68? Feasibility Plotted
According to Dark Defender, an XRP close to above $0.6 is pivotal to charting a more bullish surge in the long term. On his chart, Dark Defender highlighted a low price point of $0.486 and a high price of $0.6239 as the substantial levels to watch in the near term.
At the time of writing, XRP is worth $0.5183 after falling 2.79% in the past 24 hours. The market cap slipped by 2.7% to $28,258,131,588. In addition, the volume has surprisingly printed a 7.33% surge to $766,611,114.
Based on the coin’s current price, a growth of at least 20% will be required to drive the price toward the main targets set. However, the analyst noted that the $0.6649 is an important level to keep an eye on in XRP’s journey as a major trend shift might take place at this point with the possibility of testing $0.68.
Conflicting XRP Performance Outlook
XRP has been a major subject of concern in the community, especially in the past month. The wavy growth it has printed in the past weeks has stirred an alarm from members of its community.
While many are losing faith in the ability of XRP to chart a bullish recovery, some are convinced the undervalued nature of the coin will soon be appreciated with the numerous innovations set to go live on the network. The proponents believe this trend will be accompanied by a price surge.