XRP has not seen any serious price action of late, thanks to the sentiment of the broader market and Ripple’s lawsuit with SEC. This week, XRP Price has lost 8% of its value as it nears the $0.6 support level. Since the beginning of June, it has been trading in a descending price channel, and since the beginning of July, it has been trading below the 20-day MA.
After multiple failed attempts to breach 20 Day MA, XRP plunged to a support level at $0.6. Now, if the price keeps declining the next support levels will be $0.5556, 0.4, 0.35.
In case the price flips and starts a surge, the immediate resistance lies at $0.65. Further, it should hit $0.7, $0.8 to cement its rally.
Popular Analyst Weighs In on XRP Price
Analyst and Trader Benjamin Cowen in a new Youtube Video gave his 2 cents on XRP. He believes XRP price will definitely hit an ATH but the traders need to wait for a while.
He thinks the market now needs to consolidate hence, expecting an insane price action is not wise.
However, he also says that XRP’s market cycles are lengthening, which means the asset’s price may rise throughout the current cycle.
“If you take a measured move from the current price to get to the prior all-time high, it would take around 436%. My guess is that XRP will make it to its prior all-time high this market cycle,…”
He even adds if the cycles lengthen, XRP would still stand a chance to surge to a new ATH. If this doesn’t happen in 2021, that doesn’t mean it’s not going to happen in the next couple of years.
At the time of writing, XRP is trading at $0.618 down by 0.6% in the 24 hours.