XRP could see $ 1 soon, according to analysts.
Ripple (XRP), the third largest cryptocurrency in terms of market volume, has recently entered a consolidation process. In XRP, the rally appears to be slowing as the bulls try to hold above the $ 0.60 limit.
XRP Price
The recent price movements exhibited by XRP pushed the cryptocurrency out of the $ 0.20-$ 0.30 range, where it had been stuck for nearly 3 years. XRP, which rose to $ 0.78 during the rally, fell to $ 0.57 with subsequent corrections. At the time of writing, XRP is trading at $ 0.62.
According to the statements made, while XRP benefited from the rally in the entire crypto money market, on the other hand, it increased with the effect of the Spark airdrop. However, analysts think Ripple is currently facing intense resistance in the $ 0.60 zone and that resistance will determine the price action in the coming days.
Target in XRP: $ 1
Although it is thought to be a major strength of the $ 0.60 analysts with the excitement of the moment in the upcoming airdrop and market sentiment found XRP 's thinking could reach $ 1. However, XRP is currently technically strong, which supports the uptrend towards $ 1, according to analysts.
Pentoshi, one of the popular analysts of the market, thinks Ripple will remain in the process of consolidating a little longer before moving towards $ 1. However, Pentoshi states that $ 0.97 is a significant level in XRP.
Also, the analyst states that the Spark token airdrop , like many others, will be a driving force for XRP. In his statements, Pentoshi states that XRP is preparing to rise to a level between $ 0.93 and $ 0.97, and reminds its followers that the airdrop is approaching.
Bitcoin Effect
Although XRP looks very good both technically and fundamentally for now, any weakness in Bitcoin, the leading cryptocurrency, could trigger a decline in Ripple. Because as it is known, altcoins in general act in line with the movements in Bitcoin (BTC) and follow BTC.
For this reason, all altcoin investors are currently following Bitcoin on the one hand. Analysts think that the increase in BTC will continue and even this upward trend will continue in 2021. But there are also experts who think that we cannot be said to be in a firm bull market right now until the record high of $ 20,000 is broken and BTC has managed to stay above that level.
